US stocks slip as rising bond yields and more inflation fears weigh on upbeat 3rd-quarter earnings

• US stocks fell on Wednesday after bond yields jumped to a new cycle high and the UK saw surging inflation.
• The 10-Year US Treasury yield hit a high of 4.12% while UK inflation rose 10.1% in September.
• Third-quarter corporate earnings from Netflix, United Airlines, and Intuitive Surgical bested analyst estimates.

US stocks were mostly lower on Wednesday despite stronger-than-expected third-quarter corporate earnings results from companies like Netflix, United Airlines, and Intuitive Surgical.

The strong results helped drive futures higher in early morning trades, but those gains faded after bond yields surged to a new cycle high, with the 10-year US Treasury yield surging to 4.12%, representing its highest level since 2007.

Meanwhile, inflation overseas is not abating based on data from the UK. The country saw inflation clock in at 10.1% in September, matching the 40-year high seen in July. The British pound fell nearly 1% against the US dollar to 1.125 following the inflation data.

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

• S&P 500: 3,718.30, down 0.05%
• Dow Jones Industrial Average: 30,586.47, up 0.21% (62.67 points)
• Nasdaq Composite: 10,745.75, down 0.25%

Here's what else is happening this morning:

• Netflix soared 14% after its third-quarter earnings beat analyst estimates. The company returned to growth during the quarter, having added 2.4 million subscribers after shedding 1.2 million subscribers in the first half of the year.
• Amazon founder Jeff Bezos warned that the US economy could slump into a recession in the coming months, and that people should prepare for a likely downturn.
• Seven liquefied natural gas ships are currently lingering in the Bay of Cadiz located in the Southwestern Spain, and it highlights the ongoing complication of Europe's natural gas crisis.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil rose 0.74% to $82.68 per barrel. Brent crude, oil's international benchmark, jumped 0.61% to $90.58.
• Gold fell 0.95% to $1,640 per ounce.
• The yield on the 10-year Treasury jumped 9 basis points to 4.10%.
• Bitcoin fell 0.59% to $19,172, while ether fell 0.57% to $1,297.