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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 down: Dow 0.19%, S&P 500 0.29%, Nasdaq 0.17%

(Updated at 12:02 p.m. ET/1602 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Oct 22 (Reuters) -

U.S. stock indexes slipped on Tuesday as rising Treasury

yields impacted rate-sensitive sectors, while investors

continued to evaluate earnings to assess the health of American

companies.

GE Aerospace slumped 7.8% despite raising its

profit forecast for 2024, as persistent supply constraints

impacted its revenue. It pulled the broader Industrials index

1.2% lower.

The Dow Jones Industrial Average fell 83.20 points,

or 0.19%, to 42,848.40, the S&P 500 lost 16.77 points, or

0.29%, to 5,837.21 and the Nasdaq Composite lost 30.86

points, or 0.17%, to 18,509.14.

Further pressuring equities, U.S. Treasury yields were

trading at near three-month highs as investors repriced

expectations for the Federal Reserve's policy trajectory, while

also looking ahead to the fiscal impact of U.S. presidential

election results.

The yield on the benchmark 10-year note rose as

high as 4.222%, continuing a steady climb since early October

after a bumper jobs report led investors to dial back

expectations for the central bank to ease interest rates through

the year.

Rate-sensitive megacap stocks slipped, with Apple ( AAPL )

falling 0.9% and Nvidia ( NVDA ) down 0.44%, weighing on the

broader technology sector, which lost 0.2%.

Microsoft ( MSFT ), however, jumped 1.9%, bucking

broader sector weakness.

"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.

"Investors are trying to calibrate exactly what they

think might be happening on the interest rate front."

Stocks continued to retreat from record highs, as investors

were cautious following six consecutive weeks of advances for

major indexes, waiting for more earnings to see if Wall Street's

rally could be sustained.

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 91% chance of a 25-basis-point

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

Among other earnings, Verizon lost 4.5% as the

telecom giant missed estimates for third-quarter revenue.

3M ( MMM ) slipped 0.5%, reversing its premarket gains,

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

forecast.

Meanwhile, General Motors ( GM ) leapt 9.1% after the

legacy carmaker's third-quarter results beat Wall Street

estimates, while Lockheed Martin ( LMT ) dipped 5.2% after

results.

Rate-sensitive homebuilding stocks slipped, with the PHLX

Housing index dropping 2.7%, dragged down by a 6% 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 2.03-to-1

ratio on the NYSE and by a 1.61-to-1 ratio on the Nasdaq.

The S&P 500 posted eight new 52-week highs and three new

lows, while the Nasdaq Composite recorded 42 new highs and 47

new lows.