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Meta reports Q1 results

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Boeing's ( BA ) Q1 revenue falls

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Tesla shares jump on promise of new models

(Updates to 4 p.m. ET)

By Chibuike Oguh

NEW YORK, April 24 (Reuters) -

Benchmark S&P 500 closed higher in choppy trading on

Wednesday, as investors weighed an uptick in Treasury yields

amid positive corporate results particularly from technology

giants.

An auction of a record $70 billion worth of five-year U.S.

Treasury notes on Wednesday helped to push bond yields higher

and had weighed on equities. The benchmark 10-year Treasury note

rose five basis points to 4.6459%.

Investors were also focused on quarterly earnings from

companies, especially from megacap growth stocks. Meta Platforms ( META )

becomes the second Magnificent Seven stock to report

quarterly earnings after the closing bell. Microsoft ( MSFT )

and Alphabet are scheduled to report their results

later this week.

Tesla jumped after the electric vehicle maker's

plans to boost production and roll out more affordable models

overshadowed its weak quarterly results.

"My biggest concern is the bond market, particularly the

long end of the U.S. yield curve," said Bill Strazzullo, chief

market strategist at Bell Curve Trading in Boston.

"The next thing is earnings from Meta, Alphabet and

Microsoft ( MSFT ), that's a big part of the stock market, and the

expectations are high," Strazzullo added.

According to preliminary data, the S&P 500

gained 1.13 points, or 0.02%, to end at 5,071.68 points,

while the Nasdaq Composite gained 16.63 points, or

0.11%, to 15,712.75. The Dow Jones Industrial Average

fell 41.36 points, or 0.11%, to 38,462.33.

Markets are eyeing first quarter gross domestic product data

on Thursday and personal consumption expenditures (PCE) for

March on Friday. Hotter-than-expected consumer price inflation

report for March had pushed back expectations of when the Fed

will begin cutting interest rates.

Shares of Boeing ( BA ) fell after the planemaker reported

its first quarterly revenue drop in seven quarters, even though

the result beat analyst expectations.

Solar inverter maker Enphase Energy ( ENPH ) dropped after

projecting second-quarter revenue below analysts' estimates.

Texas Instruments ( TXN ) climbed after the chipmaker

forecast second-quarter revenue above analysts' estimates. The

Philadelphia Semiconductor Index closed higher as most

chip stocks rallied.

Drugmaker Biogen gained after it beat first-quarter

profit expectations, while Boston Scientific ( BSX ) rose after

the medical device maker raised its annual profit forecast.

Hasbro ( HAS ) climbed after the toymaker reported a

smaller-than-expected drop in first-quarter sales and handily

beat profit estimates.