Wall Street struggles as losses in Abbott counter Netflix's gains

US 10-year Treasury yield at highest since July 2008; Netflix jumps after reversing customer losses; P&G, Travelers post upbeat earnings; PHLX Housing Index falls 3% on weak US housing data

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Reuters
Wall Street's main indexes struggled to gain on Wednesday as weakness in shares of Abbott countered gains in Netflix, leaving investors muddled about the ongoing earnings momentum.
 
Abbott Laboratories tumbled 8.08% after reporting lower-than-expected growth in international medical device sales, hit by a strong dollar and supply challenges in China.
 
Netflix, on the other hand, jumped 13.84% after it attracted 2.4 million new subscribers worldwide in the third quarter, more than double the consensus forecast, and guided for 4.5 million additions by year end.
 
A surge in Treasury yields to 14-year highs in a steep selloff in U.S. government bonds

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First Published: Oct 19 2022 | 11:39 PM IST

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