Stock market news today: S&P 500 on course to fall after 2 wins

US stocks pulled back Wednesday as investors navigated through the latest batch of earnings from Corporate America while watching bond yields kick higher.

The S&P 500 was on course to fall after two straight sessions of gains, with stocks feeling the weight of rising Treasury yields. Government bond yields advanced alongside those in the UK after inflation there unexpectedly held above 10% in March as food prices soared. With upside risks to inflation still on the US radar, the 2-year yield, which is sensitive to Federal Reserve policy expectations, was up five basis points at 4.24%. The yield on that note was on the way to rising for a fifth consecutive session.

Meanwhile, Morgan Stanley shares fell after the investment bank posted better-than-expected quarterly profit, but dealmaking at the firm slowed. Netflix shares were also lower after mixed results from the streaming service.

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