US stocks fall as investors assess latest earnings and climbing bond yields

• US stocks fell Wednesday, feeling the pinch from rising bond yields and as investors mulled earnings. 
• Inflation risks were on the radar after UK inflation unexpectedly stayed above 10% with food prices rising.
• Morgan Stanley and Netflix shares were on the move after quarterly results. 

US stocks pulled back Wednesday as investors navigated through the latest batch of earnings from Corporate America while watching bond yields kick higher. 

The S&P 500 was on course to fall after two straight sessions of gains, with stocks feeling the weight of rising Treasury yields. Government bond yields advanced alongside those in the UK after inflation there unexpectedly held above 10% in March as food prices soared.

With upside risks to inflation still on the US radar, the 2-year yield, which is sensitive to Federal Reserve policy expectations, was up five basis points at 4.24%. The yield on that note was on the way to rising for a fifth consecutive session. 

Meanwhile, Morgan Stanley shares fell after the investment bank posted better-than-expected quarterly profit, but dealmaking at the firm slowed. Netflix shares were also lower after mixed results from the streaming service.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday: 

•  S&P 500: 4,135.10, down 0.48% 

• Dow Jones Industrial Average: 33,847.44, down 0.38% (129.19 points)

• Nasdaq Composite: 12,078.98, down 0.61% 

Here's what else is happening this morning:

• Wall Street is turning more bullish on China's economy as the end of zero-COVID rules boosts growth. 
• China wants the dollar's dominance to fade — and the US should defend its reserve currency status, Biden nominee says.
• Warren Buffett dumped several banks after spotting red flags in their financials.

In commodities, bonds, and crypto:

• West Texas Intermediate crude lost 1.6% to trade at $79.61 per barrel. Brent crude, the international benchmark, fell 1.7% to $83.33.  
• Gold fell 1.4% to $1,991.70 per ounce. 
• The 10-year Treasury yield gained four basis points to 3.616%.
• Bitcoin slumped 4% to $29,185.30.