Stock market today: Live updates

The S&P 500 closed near its flatline Wednesday as interest rate fears dampened the enthusiasm stemming from a strong slate of corporate earnings.

The S&P 500 eked out a 0.02% gain to close at 5,071.63, while the Dow Jones Industrial Average fell 42.77 points, or 0.11%, to 38,460.92. The Nasdaq Composite edged 0.1% higher to finish the session at 15,712.75.

Treasury yields rose, pressuring stocks. At their highs of the day, the benchmark 10-year Treasury note yield topped 4.67%, while the rate on the 2-year note surpassed 4.95%.

“[One] negative [for equities] I have is the 10-year lifting up 70 basis points year to date, which is quite substantial,” said Todd Morgan, founding member and chairman at Bel Air Investment Advisors. “And it needs to slow it down here because if it breaks, for seven days, it could go to 5%. That would be extremely negative [in the] short term for the market.”

Those moves came ahead of the release of key U.S. economic data. First-quarter GDP numbers are due for release Thursday morning, while the core personal consumption expenditures price index — the Federal Reserve’s inflation gauge — is due out Friday.

Investors have been fearful that inflation is not easing as quickly as anticipated, raising concern that the Fed may not cut interest rates.

Tesla climbed 12% after the company announced a renewed push into “more affordable” electric vehicle models. However, the megacap tech name and retail investor favorite missed expectations on both lines in the latest quarter. Boeing turned lower after initially popping on first-quarter results. The aerospace giant ultimately closed lower by 2.9%.

Still, corporate earnings have so far surpassed Wall Street estimates. More than 25% of the names in the S&P 500 have reported earnings thus far. Of those companies, 79% have beaten earnings forecasts, FactSet data shows.

“Overall, these are all good signs,” Ayako Yoshioka, senior portfolio manager at Wealth Enhancement Group, said of the first-quarter earnings season thus far. “I still think the focus remains on some of the larger names and markets will react to reports and outlooks out of Meta tonight, and Microsoft and Google tomorrow.”