The US markets are trading lower on Wednesday as the 10 year treasury yields spiked higher once again. As treasury yields increase, investors are questioning the risks of equities compared to the risk-free return of US government debt.
In corporate news, Lowe's (NYSE:LOW) reported second quarter earnings of $941 million, or 88 cents per share, as revenue climbed to $15.71 billion. The company topped both earnings and sales estimates in the quarter. Target (NYSE:TGT) reported second quarter earnings of $611 million, or 95 cents per share, as revenue climbed by 2% to $17.12 billion. Excluding one-time items, the company would have earned $1.19 per share, also topping Wall Street estimates of just 96 cents. And UBS increased its price target on shares of Apple (NASDAQ:AAPL) to $560 as the 5C iPhone should generate higher margins than previously thought.
After the bell today, investors will have earnings reports from Hewlett-Packard (NYSE:HPQ) and L Brands (LTD).
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