BANGKOK 鈥� Wall Street isn鈥檛 moving much, but a swirl of competing forces are pushing and pulling on markets under the seemingly calm surface. The S&P 500 was flat early Thursday following a mixed set of profit reports and forecasts from Tesla and other influential stocks. The Dow was 9 points higher, and the Nasdaq composite was up 0.1%. In the bond market, the yield on the 10-year Treasury hit its highest level since 2007 before paring back. Oil prices gave back a chunk of their jump from a day before, which was launched by worries about war in the Middle East.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
Wall Street edged lower early Thursday as after big U.S. companies delivered and Treasury yields added pressure to stocks.
Futures for the S&P 500 and the Dow industrials inched back 0.1% before the bell.
The yield on the 10-year Treasury surged to 4.97% early Thursday after topping 4.90% Wednesday for the first time since 2007, just before the global financial crisis. It was at 4.84% late Tuesday and in the spring was at less than 3.50%.
The sharp jump in yields followed a report by the Treasury Department showing Chinese investors sold off the most U.S. bonds and stocks in four years in August.
Yields have climbed as the U.S. economy has remained remarkably resilient, even after the Federal Reserve raised its main interest rate to the highest level since 2001. High rates and yields hurt prices for stocks and other investments.
Earnings season continues with some big names posting mixed quarterly results.
American Airlines rose 1.2% in premarket after it for the third quarter, in contrast with the huge profits posted by its two closest rivals. American said higher fuel prices and costs associated with a new pilots contract dragged it down.
AT&T shares jumped 4.7% after the telecom beat Wall Street鈥檚 third-quarter expectations and raised its guidance for the year.
The railroads CSX and Union Pacific are also reporting earns Wednesday.
Worries about are also dragging on markets.
鈥淎nother surge in Treasury yields, lingering geopolitical tensions in the Middle East and higher oil prices seem to dampen appetite in risk-taking for now,鈥� Yeap Jun Rong of IG said.
A big threat for the global economy is what oil prices will do to inflation. Crude prices jumped sharply on Wednesday following a , which sparked protests across the Middle East.
Early Thursday, U.S. benchmark crude oil fell 72 cents at $86.55 per barrel in electronic trading on the New York Mercantile Exchange. It had surged $1.83 on Wednesday to $87.27 per barrel.
Brent crude, the international pricing standard, fell 92 cents to $90.58 per barrel. It climbed $1.60 on Wednesday.
Japan reported its exports swung into positive territory in September as vehicle shipments surged.
Tokyo's Nikkei 225 index lost 1.9% to 31,430.62. The Kospi in Seoul lost 1.9% to 2,415.80 as the Bank of Korea left its key interest rate unchanged.
Hong Kong's Hang Seng index declined 2.5% to 17,295.89 and the Shanghai Composite index closed 1.7% lower, at 3,005.39. Australia's S&P/ASX 200 sank 1.4% to 6,981.60.
India's Sensex was 0.4% lower and Bangkok's SET fell 1%.
In Europe at midday, Germany鈥檚 DAX crept 0.2% lower, the CAC 40 in Paris gave up 0.6% and Britain鈥檚 FTSE 100 tumbled 0.9%.
share price fell 7.2% in afterhours trading after it reported Wednesday that its net income slumped in the third quarter, as price reductions helped drive strong sales growth but ate into the automaker鈥檚 profit margins.
Shares in jumped 13.5% after it disclosed summertime subscriber gains that surpassed analysts鈥� projections, signaling the video streaming service鈥檚 password sharing crackdown is converting freeloaders into paying customers.
In other trading early Thursday, the dollar fell to 149.84 Japanese yen from 149.93 yen. The euro rose to $1.0559 from $1.0536.
Gold lost $5.20 to $1,963.10 per ounce. It rose $32.60 to settle at $1,968.30 per ounce a day earlier as jittery investors sought safer investments.
On Wednesday, the S&P 500 sank 1.3% and the Dow Jones Industrial Average lost 1%. The Nasdaq sank 1.6%.
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Elaine Kurtenbach And Matt Ott, The Associated Press
