The S&P 500 wavered on Thursday as Wall Road monitored a key mark for a carefully {followed} bond yield and awaited commentary from Federal Reserve Chair Jerome Powell.

The broad index traded close to flat, whereas the Nasdaq Composite added 0.1%. The Dow Jones Industrial Common misplaced added 15 factors, or 0.1%.

Merchants will monitor remarks at midday ET from Powell for insights into the trail of rates of interest. Whilst inflation numbers have been displaying indicators of enchancment, Treasury yields’ continued climb has raised questions on how the central financial institution could proceed on financial coverage.

The benchmark U.S. 10-year Treasury yield notched a excessive of 4.983% on Thursday, inching nearer to the well-followed 5% degree. The yield final crossed the 5% mark in 2007.

“If the Fed says cash goes to get cheaper, that is good for shares. If the Fed says cash’s going to get costlier, that is unhealthy for shares,” mentioned David Waddell, CEO of Waddell & Associates. “Even slight adjustments within the worth of cash popping out of Powell’s feedback have vital implications for {the marketplace}.”

Weekly jobless claims got here in beneath 200,000, one other signal of continued energy within the financial system regardless of greater rates of interest.

Buyers additionally parsed the most recent earnings experiences. Greater than 15% of corporations within the S&P 500 have already reported this earnings season, in keeping with FactSet. Of these, greater than 74% have surpassed Wall Road expectations.

Electrical car juggernaut Tesla slid greater than 9% after the corporate missed analyst expectations on earnings and income within the third quarter. CEO Elon Musk additionally warned that the corporate’s Cybertruck is not going to produce a lot constructive money move greater than a yr after manufacturing begins.

Netflix shares, in the meantime, jumped greater than 15% after the streaming large posted third-quarter earnings that beat estimates. The corporate acquired a lift from robust ad-tier subscriptions.

Past know-how shares, AT&T climbed greater than 6% after beating expectations for the third quarter, whereas funding agency Blackstone slid 6% on a weaker-than-expected report.

— CNBC’s Jeff Cox and Gina Francolla contributed to this story.

Correction: LSEG is previously often known as Refinitiv. An earlier model misstated the corporate’s earlier title.