Investors were greeted with lower U.S. stock prices at the opening bell on Wednesday, as they analyzed another round of corporate earnings, including those from Morgan Stanley. The S&P 500 dropped by 0.47%, the Dow Jones Industrial Average decreased by 0.31%, and the Nasdaq Composite slipped by 0.73%. Meanwhile, bond yields climbed higher after Britain’s inflation rate slowed down but remained above 10%. Morgan Stanley’s first-quarter profits fell, leading to a drop of over 2% in their shares at the open. Netflix’s stock also declined by more than 10% after the company posted mixed results on Tuesday.
However, US Bancorp’s stock edged up near 1% after posting higher revenue for the first quarter. More earnings are expected this week, including from Tesla and International Business Machines Corporation. Little volatility in the market as of late has helped ease financial conditions and has solidified investors’ belief that the Federal Reserve will implement another interest rate hike.