Wall St slips on mixed earnings, higher Treasury yields

a 19% drop in profit on hit to dealmaking and losses from the sale of some assets in its consumer business.

While the start of the earnings season has been largely supportive for equities, investors will closely watch updates from market heavyweights as well as consumer companies for signs of inflation and economic slowdown hurting margins. Mixed economic data recently has fueled bets that the U.S. central bank will hike interest rates by 25 basis points in May, with traders seeing an 83% chance for such a move, as per CME Group's Fedwatch tool.

The two-year Treasury yield , most reflective of short-term rate expectations, hit a one-month high and the 10-year yield hit a four-week high as traders scaled back expectations of rate cuts later this year. "I don't know if they're going to raise a whole lot more, but all the hawkish tone is saying don't expect rate cuts this year, another thing driving yields a little bit higher because a lot of them had been anticipating a cut," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.Communication services

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