US stocks experienced a significant decline, with the Dow Jones Industrial Average closing at its lowest level in over a month. Both the S&P 500 and Dow fell nearly one percent, their worst performance since early September, while the Nasdaq Composite dropped 1.6 percent.
This decline was driven by rising treasury yields, with the benchmark 10-year Treasury yield reaching its highest level since late July, amid strong economic data and concerns over fiscal deficits. IBM's disappointing earnings report had a negative impact on its shares, reflecting broader market anxieties.
On the other hand, Tesla's stock price rebounded after reporting third-quarter earnings that exceeded analyst expectations. SK Hynix, a key supplier for Nvidia, reported record earnings, benefiting from the ongoing AI boom. The market's reaction to these earnings highlights the contrasting fortunes of major companies in fluctuating economic conditions.