Wall St slips as higher yields offset upbeat corporate earnings
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Durable goods rise moderately in March
Enphase Energy falls on dour Q2 forecast
Indexes down: Dow 0.45%, S&P 0.33%, Nasdaq 0.14%
Updated at 11:52 a.m. ET/ 1552 GMT
By Shristi Achar A and Shashwat Chauhan
April 24 (Reuters) -Wall Street's main indexes pared early gains to trade lower on Wednesday, as losses in heavyweight tech stocks outweighed positive earnings across several sectors and rising Treasury yields further pressured equities.
Some megacap stocks declined, weighing on indexes. Meta Platforms META.O, Amazon.com AMZN.O and Nvidia NVDA.O were down between1.6% and 1.7%.
Yield on the 10-year Treasury note US10YT=RR rose and was last at4.6541%.
Tesla <TSLA.O>, however, outperformed peers witha 10.3% jump after the electric-vehicle maker allayedgrowth worries with a prediction that sales would rise this year and said it would roll out more affordable models in early 2025.
Meta, Microsoft MSFT.O and Alphabet GOOGL.O are scheduled to report quarterly results later this week.
Cushioning some losses,Texas Instruments TXN.O climbed 6.4% after the chipmaker forecast second-quarter revenue above analysts' estimates.
The Philadelphia Semiconductor Index .SOX rose 0.9% as most chip stocks rallied.
With the financial reporting seasonin full swing, drugmaker Biogen BIIB.O added 4.4% on beating first-quarter profit expectations. AndBoston Scientific BSX.N rose 6.5% after the medical device maker raised its annual profit forecast.
Hasbro HAS.O climbed12.1% after the toymaker reported a smaller-than-expected drop in first-quarter sales and handily beat profit estimates.
Wabtec WAB.N advanced 8.8% after the heavy industrial parts maker raised its full-year profit forecast.
"Investors are turning a bit more cautious despite the fact that the earnings component of the equity market still looks to be holding up okay," said Brian Nick, senior investment strategist at The Macro Institute.
"It's not like the floor is falling out from underneath the equity market, but you may see investors increasingly seeing more balance in terms of the opportunity across different asset classes."
U.S. equities hadslumped last week as investorsturned risk averseamid tensions in the Middle East and more economic dataprompted a tuning ofrate-cut expectations from the Federal Reserve.
Focus now shifts to the heavily anticipatedPersonal Consumption Expenditures (PCE) index reading for March, the Fed's preferred inflation gauge, dueon Friday.
On the day, new orders for key U.S.-manufactured capital goods rose moderately in March and data for the previous monthwas revised lower, suggesting business spending on equipment was likely sluggish in the first quarter.
At 11:52 a.m. ET, the Dow Jones Industrial Average .DJI was down 173.09 points, or 0.45%, at 38,330.60, the S&P 500 .SPX was down 16.57 points, or 0.33%, at 5,053.98, and the Nasdaq Composite .IXIC was down 22.03 points, or 0.14%, at 15,674.61.
Industrials .SPLRCI were theworst hit among the 11 S&P 500 sectors, while consumerdiscretionary .SPLRCD was among top gainers.
Solar inverter maker Enphase Energy ENPH.O lost 4.2% after projecting second-quarter revenue below analysts' estimates.
Declining issues outnumbered advancers for a 2.64-to-1 ratio on the NYSE and for a 1.83-to-1 ratio on the Nasdaq.
The S&P index recorded nine new 52-week highs and four new lows, while the Nasdaq recorded 34 new highs and 73 new lows.
Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Pooja Desai and Maju Samuel
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