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Meta set to report after closing bell

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Boeing's ( BA ) Q1 revenue falls

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Tesla shares jump on promise of new models

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Indexes down: Dow 0.22%, S&P 0.19%, Nasdaq 0.15%

(Updates to 2:33 p.m. ET/1833 GMT)

By Chibuike Oguh

NEW YORK, April 24 (Reuters) - U.S. stocks edged lower

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 six basis points to 4.6603%.

Seven out of 11 S&P 500 were trading lower, with

stocks in industrials, communications services and materials the

biggest losers.

Investors were also focused on quarterly earnings from

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

is the next Magnificent Seven stock to report earnings

after the closing bell. Microsoft ( MSFT ) and Alphabet

are scheduled to report their results later this week.

Tesla jumped nearly 11% 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.

By 2:33 p.m. ET (1833 GMT), the Dow Jones Industrial

Average fell 82.97 points, or 0.22%, to 38,420.72, the

S&P 500 lost 9.14 points, or 0.19%, to 5,061.41 and the

Nasdaq Composite lost 22.14 points, or 0.15%, to

15,674.50.

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 nearly 3% 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 ) lost 6.4%

after projecting second-quarter revenue below analysts'

estimates.

Texas Instruments ( TXN ) climbed 5.4% after the chipmaker

forecast second-quarter revenue above analysts' estimates. The

Philadelphia Semiconductor Index rose 0.7% as most chip

stocks rallied.

Drugmaker Biogen added 3.7% after it beat

first-quarter profit expectations, while Boston Scientific ( BSX )

rose 6% after the medical device maker raised its annual

profit forecast.

Hasbro ( HAS )

climbed 11.5% after the toymaker reported a

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

beat profit estimates.

On the Nasdaq, 1,602 stocks rose and 2,500 fell as

declining issues outnumbered advancers by a 1.56-to-1 ratio. The

S&P 500 posted 10 new 52-week highs and four new lows while the

Nasdaq recorded 47 new highs and 100 new lows.