US stocks stumble as Treasury yields continue climb; earnings season heats up

U.S. stocks were lower Tuesday, as investors weighed up an ongoing climb in Treasury yields and string of third-quarter corporate earnings. 

At 12:58 ET (1658 GMT), the Dow Jones Industrial Average fell 11 points, or 0.03%, the S&P 500 index fell 0.2%, and the NASDAQ Composite slipped 0.1%.  General Motors shines on earnings stage, Verizon falters as earnings season heats up  

General Motors (NYSE:GM ) stock rose 9% after the auto giant reported third-quarter earnings that exceeded analyst estimates, helped by robust revenue growth and improved profitability.

Verizon (NYSE:VZ ) stock fell 4% after the telecom giant reported mixed third-quarter results, with earnings slightly beating expectations but revenue falling short. It maintained its full-year guidance as it continues to see growth in wireless and broadband subscribers.

GE Aerospace (NYSE:GE ) was also a drag on the market after falling more than 9% following Q3 revenue that missed analyst expectations. 

3M (NYSE:MMM ) stock fell 1% despite the industrial conglomerate reporting better-than-expected third-quarter earnings and revenue.

RTX (NYSE:RTX ) stock rose 1% after the aerospace and defense company reported third-quarter earnings that surpassed analyst estimates, and raised its full-year guidance, driven by strong demand in commercial aftermarket and defense sectors.

Electric vehicle maker Tesla (NASDAQ:TSLA ) will report on Wednesday and is the biggest company reporting this week, while other Wall Street majors including AT&T (NYSE:T ), International Business Machines (NYSE:IBM ), Bank of America (NYSE:BAC ) and Coca-Cola (NYSE:KO ) are also due on Wednesday.

About one-fifth of the S&P 500 index is slated to report results this week. So far about 14% of companies in the broad index have reported results, with more than 7 out of 10 topping earnings estimates, according to FactSet. Treasury yields continue to march higher; IMF lifts US growth forecast  

There wasn't much top-tier data on the economic front, but Treasury yields continued their climb higher from a day earlier as the International Monetary Fund lifted its U.S. growth forecast.

The IMF now expects U.S. growth of 2.8% for this year, up 0.2% from a prior forecast on expectations of that rising wages and asset prices will underpinned stronger-than-expected consumption. 

The yield on the 110-year Treasury rose 2 basis points to 4.207%.

(Peter Nurse, Ambar Warrick contributed to this article.)

Source: Investing.com