Sell-off in industrial, tech stocks sends Dow down for 5th straight day

US stocks set to open little changed as 10-year yield approaches 3

The Dow rose 59.70 points, or 0.2 percent, at 24,083.83. The Nasdaq Composite gained 2.64 points, or 0.04 per cent, to 7,009.99 at the opening bell.

On Tuesday, Caterpillar posted earnings and revenue that beat expectations, but the shares fell after the company's CFO said their first-quarter results may have been the "high watermark" for the year.

The 10-year yield, a benchmark for global borrowing costs, has been driven steadily higher by a combination of concerns over inflation, growing debt supply and rising Federal Reserve borrowing costs.

The initial growth in the markets was thanks to Caterpillar, which reported higher than expected profit and revenues.

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It wouldn't be a morning without checking in on the 10-year yield Treasury yield, which has dipped below 3% this morning to 2.99%. Chemical companies and other materials makers could also see their profits affected as oil prices and other expenses rise. Stock indexes in Europe and Asia are also taking losses.

The aerospace company topped Wall Street's estimates in the first quarter and raised its forecasts for the year.

Stocks shot up at the end of 2017 and the start of 2018 as investors bet that the corporate tax overhaul would lead to bigger profits for American companies and greater economic growth. According to Kensho, an analytics company, Caterpillar's stock has had a 0.81 correlation with the Dow over the last six months.

However, Twitter fell 2.4percent after the social media company said it expects a slowdown in revenue growth and increasing costs, putting a damper on its otherwise upbeat earnings report. Gina Martin Adams, chief equity strategist for Bloomberg Intelligence, said that hasn't happened yet. The futures on the United States oil variety WTI dropped its price by 1.14% to 67.86 Dollars per barrel. Germany's DAX is down 1.4%, as the 10-year bund yield tapped its highest point since March 9.

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The investors continue to keep an eye on the bond market where yields on 10-year treasuries were traded at its highest since January 2014, passing the psychological barrier of 3% for the first time in over 4 years. Meanwhile, the Alphabet stocks fell by more than 4.5%.

Declining issues outnumbered advancing ones on the NYSE by a 1.94-to-1 ratio; on Nasdaq, a 1.71-to-1 ratio favored decliners.

Later in the day, energy companies got a boost after Exxon Mobil said it is raising its quarterly dividend.

Japan's benchmark Nikkei 225 slipped 0.3 percent to 22,206.51 and Hong Kong's Hang Seng lost 0.8 percent to 30,378.89. The Dow finished up about 60 points, or 0.23, at 24,083, with Boeing's stock contributing about 96 points to the blue-chip average.

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