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US stocks searched for direction on Tuesday as the Dow looked to snap a six-day losing streak.
The Dow Jones Industrial Average (^DJI) lost steam following comments from Federal Reserve chair Jerome Powell, who said it will likely take "longer than expected" for the central bank to be confident in its inflation fight.
The index hovered above the flatline, last up around 0.2%, while both the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) fell about 0.1% after seesawing throughout the trading day.
The moves come as bond yields remain at multi-month highs, coupled with rising tensions in the Middle East following Iran’s weekend attacks on Israel.
Yields jumped on the heels of Powell’s comments with the 2-year note briefly touching above 5% — its highest level since November. The benchmark 10-year Treasury yield (^TNX), which touched 2024 highs on Monday, climbed about 5 basis points to trade around 4.68%.
Meanwhile, earnings reports flooded in before the bell. UnitedHealth (UNH) shares added about 5% after the healthcare group beat quarterly profit estimates, even as it said it expects to take a $1.6 billion hit from a February cyberattack.
Investors were also digesting more big bank results: Bank of America (BAC) reported that first quarter profit dropped 18% year over year as a key revenue source weakened, while Morgan Stanley (MS) stock rose as it topped expectations. Elsewhere, BNY Mellon (BK) posted a profit beat while Johnson & Johnson (JNJ) reported a revenue miss.
Stocks booked sizable losses on Monday as hot retail sales data fueled expectations that interest rates will stay higher for longer this year. Consensus is now for no interest rate cut until September as the strength of the economy gives reason for the Federal Reserve to take its time, though some believe politics could push policymakers to act earlier.
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