A sweeping sell-off on Wall Street on Wednesday erased two days of gains for equities, as Treasury yields rose to multiyear highs, luring traders with higher returns on relatively low-risk assets.

The sell-off occurred as investors assessed a variety of quarterly reports from various corporations. Following the release of their quarterly results, Netflix and United Airlines surged considerably, while others, such as Abbott Laboratories and M&T Bank, fell.

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The major indices surged initially, but their gains evaporated quickly. The S&P 500 sank 0.7%, the Dow Jones Industrial Average fell 0.3%, and the Nasdaq Composite dropped 0.9%. The Russell 2000 index slid 1.7% as small firms fell more than the rest of the market.

The 10-year Treasury yield, which impacts mortgage rates, has risen to 4.13%, its highest level since June 2008. Late Tuesday, it stood at 4.02%. The two-year Treasury yield, which tends to mirror expectations for future Federal Reserve action, increased to 4.54% from 4.43%.

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A significant increase in the three-month Treasury note may have contributed to traders’ desire to sell. The yield briefly reached 4.01% before reverting to 3.98%. If the three-month Treasury yield rises above the 10-year Treasury yield, this is known as an inversion, and the economy is on the verge of a recession.

The S&P 500 fell 24.82 points to 3,695.16. The Dow lost 99.99 points to close at 30,423.81. The Nasdaq dropped 91.89 points to 10,680.51. The Russell 2000 gave up 30.20 points to 1,725.76.

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Homebuilders and other housing industry-related companies fell Wednesday following a report showing that construction on new homes declined more than expected in September. Homebuilder Lennar fell 6% and home-improvement retailer Lowe’s slid 4.8%.

U.S. crude oil prices rose 3.3%, giving a boost to energy stocks. Exxon Mobil rose 3%. The White House plans to announce another release of oil from the U.S. strategic reserve.

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Investors have been focusing on the latest round of corporate earnings this week. The latest results are being closely watched for clues about how companies are dealing with the hottest inflation in four decades and how they intend to operate through the rest of the year and into 2023.

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Netflix soared 13.1% after the company said it picked up 2.4 million subscribers during the July-September period, a comeback from a loss of 1.2 million customers during the first half of the year.

United Airlines rose 5% after reporting strong third-quarter financial results. American Airlines will report its results on Thursday.