treasury yields climb to highest levels in over 14 years us stocks finished lower for a second day on thursday erasing their earlier gains despite a strong start to the thirdquarter earnings season as treasury yields rose to fresh multiyear highs all three major indexes have recorded gains for the week despite finishing lower on wednesday the dow is up 36 while the sp 500 has gained 38 and the nasdaq has risen 48 leaving all three on track for their best week in more than a month after falling in premarket trade in reaction to a jump in us treasury yields stocks recovered some ground as investors cheered strongerthanexpected quarterly earnings but the 10year yield rose to 4153 the highest level since july 2008 dragging stocks lower again christoph schon senior director of applied research at qontigo said the current correlation between stocks and bonds is really of concern to multiasset investors stocks and bonds are moving in the same direction which we havent really had in a very long time said schon we would see those brief moments when stocks and bonds would fall together normally it didnt last more than a few weeks now this has been going on for many months with yields now rising so much suddenly instead of a safe haven treasurys are becoming really attractive schon told marketwatch on thursday weve seen lots of inflows into exchangetraded funds and bond funds because of those rising yields i think investors are starting to see treasurys as a real alternative to equity seeyou can be invested in fixedincome again bond investors say even before the fed stops hiking rates investors received strong earnings reports from att t international business machines ibm dow inc dow united airlines holdings ual and others on the downside tesla tsla shares finished 67 lower after the electric vehicle maker said wednesday evening it expects to miss its 2022 deliveries target the company also posted a quarterly revenue that missed analyst expectations according to factset 90 out of 503 sp 500 firms have reported earnings so far with 744 of them reporting a positive surprise investors were earlier bracing for bad news after fedex corp fdx withdrew its guidance and called for much lower profit and revenue but the companies that have reported so far have managed to outperform these low expectations said art hogan chief market strategist at breily wealth we had expectations for a disaster in earnings and that expectation hasnt met reality hogan said we havent had a single household name that has disappointed there hasnt been one standout where you can say this is a tell see stocks are attempting a bounce as earnings season begins heres what it will take for the gains to stick next week will be one of the busiest for corporate earnings this quarter though as investors will see results from apple aapl alphabet googl and amazon amzn among other firms 165 sp 500 index companies are expected to report next week compared with just 66 this week according to factset in us economic data thursday investors received a weekly update on the number of americans applying for jobless benefits the data showed new applications for benefits fell by 12000 in midoctober to a threeweek low of 214000 as more people who couldnt work after hurricane ian returned to their jobs the philadelphia fed manufacturing index for october remained in contraction territory with a reading of 87 lower than expectations for 5 thats compared with 99 last month moreover us existinghome sales fell 15 to a seasonally adjusted annual rate of 471 million in september the national association of realtors said wednesday this is the eighth straight monthly decline a first since 2007 in the uk british prime minister liz trusss decision to resign helped to push the british pound higher against the dollar the british currency was up 1 against the buck in recent trade at 112 while the ice us dollar index  a gauge of the greenbacks strength against a basket of rivals was down 01 at 11291 i fear that market volatility will not be over despite the resignation of liz truss said nigel green ceo of devere group in emailed comments investors know that the political chaos that has defined the uk throughout 2022 is nowhere near over and this fuels uncertainty and drives turbulence in financial markets to investors the uk looks ungovernable and its economy resembles that of an emerging market not a g7 nation