U.S. stocks turned mixed midday as corporate earnings reports trickled in, bitcoin hit a fresh high, and bond investors remained skittish.
The Dow Jones Industrial Average was off 0.8%, slipping 325 points to trade near 42,352 at midday, while the broad S&P 500 Index lost 0.2%, or 12 points, near 5,929. The tech-heavy Nasdaq Composite was up 61 points or 0.3%, near 19,204.
The 30-year U.S. bond yield gained, but was off earlier highs above the key 5% level as investors worried about the deficit, which is projected to spiral higher if the White House tax bill becomes law. Bond yields rise when prices fall, and vice versa. The key long bond hasn't settled above 5% since October 2023.
Oil prices ticked down after jumping on earlier media reports that Israel might be preparing for a potential strike on Iranian nuclear facilities.
Cryptocurrency
The Texas House of Representatives approved a state bitcoin reserve bill, sending the crypto-related legislation to the governor’s desk for a likely signature. The bill allows Texas to stockpile bitcoin and potentially other cryptocurrencies. The state comptroller would have control of the reserve and any potential buying and selling of the digital assets.
Bitcoin was up 3% at $108,491 at last check, after briefly topping $109,000 for a fresh record high.
Corporate earnings
Shares of UnitedHealth were down 4% after reports that the company made secret payments to nursing homes to reduce hospital transfers. The healthcare company has been under fire for months, including the aftermath of the murder of its insurance arm's CEO.
Homebuilder Toll Brothers topped analysts' forecasts in its second fiscal quarter. The stock gained 3%.
Palo Alto Networks beat Wall Street forecasts in its most recent quarter but gross margins missed. Shares slid nearly 6%.
Before the bell, big-box retailer Target cut its full-year sales outlook, citing consumer uncertainty around consumer spending due to tariffs and backlash to a rollback of DEI efforts. Sales in the first three months of the year also fell short of analysts' expectations. Target competitor Walmart is embroiled in a war of words with President Donald Trump over its statement that tariffs will cause the chain to raise prices. Target shares fell nearly 4% in midday trading.
Home improvement retail chain Lowe's reported earnings in the first three months of the year that topped Wall Street forecasts. Shares ticked down midday.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: US stocks mixed at midday: Bitcoin hits new high, bond sell-off eases