Stock Market Today: Dow closes lower as 10-year Treasury yield flirts with 5%

Investing.com -- The Dow closed lower Thursday as investors weighed a surge in the 10-year Treasury yield, mixed quarterly results and remarks from Federal Reserve Chairman Jerome Powell.Powell said the Fed is"proceeding carefully" on future rate hikes following a spike in Treasury yields that have helped tighten financial conditions"significantly," but said continued economic growth could force the Fed to further tighten policy.

The company also announced price hikes in the US, UK, and France that will underpin its average revenue per user, or ARPU, lift going into year-end, Deutsche Bank said in a note.On the earnings call that proceeded the earnings, sentiment on the stock was further soured as a “much more cautious Musk which focused on a higher interest rates, FSD/AI investments, and highlighting the difficult path for Cybertruck production over the next 12 to 18 months,” Wedbush said.

“While customer inventories are expected to dip again in CQ4, TSMC management also suggested they are seeing signs that inventory levels are approaching a trough/healthier than previously thought with some customers placing urgent orders,” Wedbush said in a note.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.

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