Stock Market News, April 17, 2024: Nasdaq Drops, Indexes Fall as More Earnings Roll In

On April 17, 2024, the stock market witnessed a decline as the Nasdaq dropped and indexes fell. This downturn coincided with the release of earnings reports from various companies. Investors reacted to these financial updates, contributing to the overall downward trend in the market.

Oil prices move lower; Benchmark yields back below 4.6%

Stocks dipped Wednesday, sliding after markets recently seemed to stabilize. Read the day's full markets roundup here.

All three major U.S. indexes began today's session in the green, then retreated. Chip stocks dropped, weighing on the Nasdaq.

Earnings season is driving big moves in stocks on both sides of the Atlantic. Strong numbers from United Airlines lifted it and other airline shares today. Solid results from big banks, meanwhile, have been a highlight so far of earnings season so far.

Overseas, shares in chip-equipment maker ASML fell after the Dutch giant's quarterly orders undershot expectations. Adidas rallied after the German company posted better-than-anticipated earnings. And Louis Vuitton owner LVMH gained after a financial update.

Stocks fell. The Nasdaq Composite finished off 1.1%. The Dow edged 0.1% lower, losing less than 50 points, while the S&P 500 dropped 0.6%. All three indexes are in the red this month so far.

Treasury yields moved lower. The 10-year yield settled Tuesday at 4.657%, the highest end-of-day level since November. On Wednesday, it finished at 4.584%—still the third-highest level of the year.

Crude-oil futures retreated after a recent rally. Benchmark U.S. crude fell more than 3% to $82.69 a barrel, its lowest settle value since late March. Gold futures slipped, breaking a four-session winning streak.

The dollar lost some ground. Economists say the currency is likely to keep gaining in the near future, as other central banks, including in Europe, move to cut rates ahead of the Fed. Bitcoin fell below $61,000.

Source: WSJ‍