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Verizon down after missing Q3 revenue estimates

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GE Aerospace drops as supply constraints drag on revenue

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General Motors ( GM ) up after Q3 results beat estimates

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Indexes: Nasdaq up 0.18%, Dow and S&P flat

(Updated at 4:16pm ET/8:16pm GMT)

By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl

Oct 22 (Reuters) - U.S. stocks ended little changed on

Tuesday, but the Nasdaq eked out a modest gain while investors

kept an eye on Treasuries yields and awaited more earnings to

assess the health of American companies.

"The last couple of days, the market has been trying to

digest the move in treasuries as you've had a pretty big backup

in yields," Jack Janasiewicz, portfolio manager at Natixis

Investment Managers Solutions.

In a choppy session, the Dow Jones Industrial Average

fell 6.71 points, or 0.02%, to 42,924.89, the S&P 500

lost 2.78 points, or 0.05%, to 5,851.20 and the Nasdaq

Composite gained 33.12 points, or 0.18%, to 18,573.13.

Almost half of the S&P sectors were in the positive

territory, with the consumer staple leading the pack

up 0.92%.

The benchmark 10-year note yields earlier

reached 4.222%, the highest since July 26, as investors

reassessed expectations for the Federal Reserve's policy

trajectory. Yields dialed back a bit during the trading session.

"The big story overall is the rates back up and the

concerns that the Federal Reserve made a policy error by moving

too aggressively in September. That's feeding through to a rate

sell off on a global basis," said Michael Green, portfolio

manager at Simplify Asset Management.

On the corporate front, GE Aerospace slumped 9%

despite raising its profit forecast for 2024, as persistent

supply constraints impacted its revenue. It pulled the broader

Industrials index lower 1.19%.

Overall the broader technology sector was up

0.15%. Microsoft ( MSFT ) rose 2.08%.

"During the earnings season, you often get this kind of

choppiness, but there's also increased uncertainty relative to

the interest rate direction," said Chuck Carlson, CEO at Horizon

Investment Services.

The next few weeks are likely to be volatile for equity

markets, as investors scrutinize company earnings, fresh

economic data and results of the U.S. election, followed by a

central bank meeting.

Traders are pricing in a 89.6% chance of a 25-basis-point

interest-rate cut in November, according to CME's FedWatch.

Among other earnings, Verizon fell 5.03% as the

telecom giant missed estimates for third-quarter revenue.

3M ( MMM ) slipped 2.31%, reversing its premarket gains,

despite raising the low end of its full-year adjusted profit

forecast.

Meanwhile, General Motors ( GM ) leapt 9.81% after the

legacy carmaker's third-quarter results beat Wall Street

estimates, while Lockheed Martin ( LMT ) dipped 6.12% after

results.

Rate-sensitive homebuilding stocks slipped, with the PHLX

Housing index dropping 3.05%, dragged down by a 7.24%

fall in shares of PulteGroup ( PHM ) despite the company beating

profit and revenue estimates.

"The earnings themselves have been pretty good, it's just

the companies highly sensitive to interest rates are probably

going to find a bit of headwind right now as investors sort out

the whole interest rate story," Carlson said.

Baker Hughes ( BKR ) and Texas Instruments ( TXN ) are

scheduled to report earnings after the bell.

Declining issues outnumbered advancers by a 1.37-to-1 ratio

on the NYSE. There were 186 new highs and 58 new lows on the

NYSE.

The S&P 500 posted 15 new 52-week highs and 4 new lows

while the Nasdaq Composite recorded 72 new highs and 61 new

lows.

Volume on U.S. exchanges was 11.45 billion shares, compared

with the 11.28 billion average for the full session over the

last 20 trading days.