Nasdaq ekes out gain as stocks drift, Treasury yields tick up

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US stocks struggled for direction on Tuesday but did recover from session lows as investors digested a recent bond market sell-off and the next wave of earnings reports.
The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) closed just below the flatline while the tech-heavy Nasdaq Composite (^IXIC) ticked up around 0.2%. It was the first first back-to-back negative days for the S&P 500 since Sept. 6.
Stocks are treading carefully amid growing doubts that the Federal Reserve will continue to cut rates aggressively - or even hold steady in November. Strength in the economy, cautious Fedspeak, and concerns about the fiscal impact of an election win by Republican nominee Donald Trump are factors in play.
Amid the uncertainty, the 10-year Treasury yield (^TNX) steadied around 4.2% after Monday's sharp gains helped push it above that level for the first time since July. The bond selling has weighed on rate-sensitive stocks such as real estate, with rising yields typically a catalyst for stock drawdowns.
On the earnings front, General Motors (GM) raised its guidance for the third time this year as upbeat EV sales helped deliver a quarterly profit and revenue beat. GM shares closed up more than 10%. Elsewhere in earnings, GE Aerospace (GE) sank over 8% and Verizon (VZ) shares fell around 5% on mixed third quarter reports.
At the same time, anticipation is building for earnings from Tesla (TSLA) on Wednesday as Wall Street debates whether the "Magnificent Seven" tech megacaps will lead stocks' next leg higher.
Despite higher yields, gold (GC=F) prices rose, securing another record high. The gains came as investors sought safety with the US presidential election looming and Middle East tensions still on the rise.
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