on earnings and revenue in the third quarter. Tesla posted adjusted earnings of 66 cents per share on revenue of $23.35 billion, while analysts polled by LSEG anticipated earnings of 73 cents per share, on revenue of $24.1 billion.
Elsewhere, Netflix shares popped 12% in extended trading after the streaming giant posted third-quarter profit of $3.73 per share, beating analysts' expectations of $3.49 per share, according to LSEG. During Wednesday's regular trading, stocks sold off sharply as Treasury yields surged to multiyear highs. The yield on the 10-year Treasury topped 4.9%, touching its highest level in 16 years. In turn, the S&P 500 tumbled 1.3%, while the 30-stock Dow shed more than 330 points, or 0.98%. The Nasdaq Composite was the notable loser, off 1.6%.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyfor clues on where rate policy is heading. Even as inflation numbers have been showing signs of improvement, Treasury yields' continued climb are raising questions on how the central bank may proceed on monetary policy.
A slate of regional banks will report quarterly results on Thursday, including KeyCorp, Fifth Third and Truist Financial. American Airlines, Union Pacific and CSX are also slated to post earnings.Higher stocks, rates rising this fast? History shows this is usually untenable
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