Wall Street took a breather today, despite upbeat earnings reports from Netflix (NFLX) and Procter & Gamble (PG). A surging 10-year Treasury yield, which climbed above 4.1%, pushed the S&P 500 and Nasdaq lower, while the Dow shed 100 points. 

Investors also unpacked the Federal Reserve’s Beige Book, which showed that though inflation has eased slightly, prices are still rising and recession fears are prevalent. The report also noted the U.S. economy is growing modestly and at a slower pace, amid a tight job market. 

The Dow Jones Average (DJI - 30,423.81) dropped 100 points or 0.3% for the day. Travelers (TRV) led the gainers, adding 4.4%, while Home Depot (HD) paced the laggards with a 3.4% loss.

The S&P 500 Index (SPX - 3,695.16) shed 24.8 points or 0.7% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,680.51) fell 91.9 points or 0.9% for the session.

Lastly, the Cboe Volatility Index (VIX - 30.76) rose 0.3 points or 0.9% for the session.

OIL PRICES SNAP SKID AFTER EIA REPORT

Oil prices settled higher on Wednesday, snapping a three-day losing streak after the Energy Information Administration (EIA) reported a drop in crude and gasoline supplies for the week. Plus, President Joe Biden released 15 million crude barrels from the U.S. Strategic Petroleum Reserve. November-dated crude rose $2.73, or 3.3%, to finish at $85.55 per barrel.

Gold prices logged their lowest close in over three weeks thanks to surging Treasury yields and a stronger U.S. dollar. December-dated gold fell $21.60, or 1.3%, to close at $1,634.20 an ounce.

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