Wall Street Drifts in Mixed Trading, Oil Falls for 2nd Day

The S&P 500 edged up 0.1% Wednesday, its third straight day of quiet trading. The Dow slipped 39 points, and the Nasdaq composite rose 0.1%.

Warner Brothers Discovery tumbled 17.8% after reporting a worse loss for the latest quarter than analysts expected. It also lost more streaming subscribers than forecast. A swift rise in the 10-year yield that began in the summer earlier knocked the S&P 500 down by more than 10% from its peak for the year. The 10-year yield briefly topped 5% to reach its highest level since 2007, as it caught up with the Federal Reserve’s main interest rate, which is above 5.25% and at its highest level since 2001.

Now, investors are trying to handicap what may come next. A wide range of outcomes is still possible for the U.S. economy, with the 10-year yield potentially falling as low as 3% if it were to fall into a painful recession, according to Bank of America strategists led by Bruno Braizinha. At the same time, they said the 10-year yield could rise back above 5% if the economy remains resilient.

Oil prices have been tumbling since topping $90 a little more than a month ago. The latest Israel-Hamas war raised concerns about potential disruptions to supplies, which made prices volatile for a while. But worries about demand are still high given faltering economies around the world, particularly in China.

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