Stocks fell in volatile trading Wednesday after a summary of the Federal Reserve's most-recent meeting showed the central bank was leaning toward more rate hikes moving forward.
The Dow Jones Industrials fell 91.74 points to close at 25,706.68
The S&P 500 let go of 0.71 points to 2,809.21
The NASDAQ was down 2.79 points to 7,642.70
The major averages all fell at least 1% earlier in the session.
According to the minutes from the Fed's September meeting, the central bank remains convinced it needs to tighten monetary policy to keep the economy steady.
Goldman Sachs rose 3.1% while Morgan Stanley also surged 3.1%. Bank of America, J.P. Morgan Chase and Citigroup all rose more than 1%.
Netflix posted third-quarter earnings that easily beat expectations. The big beat was driven by stronger-than-expected subscriber growth in both the U.S. and overseas. Its stock rose 3.6%.
Overall, the earnings season is off to a good start. Of the S&P 500 companies that have reported thus far, 88.5% have topped analyst expectations
CSX and Cree also reported better-than-expected earnings Tuesday after the close, while M&T Bank and U.S. Bancorp's results topped estimates Wednesday before the bell.
However, a weaker-than-expected report from IBM sent the stock down more than 6% and reignited worries about earnings moving forward.
On the data front, housing starts fell 5.3% last month, more than expected. The data sent housing stocks lower, as Home Depot and Lowe's both fell more than 3%, while KB Home dipped 2.8% and Lennar fell 2.7%.
Housing stocks have been under pressure for the past month. The iShares U.S. Home Construction ETF (ITB) is down more than 10% for October at the same time interest rates have jumped.
Prices for the benchmark for the 10-year U.S. Treasury sagged, raising yields to 3.2% from Tuesday’s 3.16%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.92 at $70 U.S. a barrel.
Gold prices dipped $4.60 an ounce to $1,226.40
