By Yasin Ebrahim

Investor.com — On Thursday, the Dow fell as the generally better-than expected quarterly results of major Wall Street bank failed to ignite a recovery in a tech sea. 

This was a drop of 0.33% (113 points) and the fell by 1.22%.

Goldman Sachs, one of the largest Wall Street banks, is (NYSE:) Morgan Stanley (NYSE:) Citigroup Inc (NYSE: ) announced first quarter results that exceeded analysts’ expectations. But Wells Fargo (NYSE): fell over 4% following a quarter-end report that showed a decrease in quarterly reports.

Rising Treasury yields have caused a fall in bank stock prices. This tends to increase the margins of loans given by banks. Investors bet that the Federal Reserve will tighten monetary policy to reduce inflation.

Market growth has been put at risk by the rapid rise in yields. Big tech is leading the way.

Apple (NASDAQ) dropped 3% while Alphabet [NASDAQ] Amazon.com (NASDAQ) Microsoft (NASDAQ) and Meta Platforms(NASDAQ) both fell more than 2%.

Twitter (NYSE:) failed to hold onto its gains as many doubt that Tesla (NASDAQ:) chief executive Elon Musk’s $54.20 a share offer to take the social media company private will succeed.

“In our view, the deal does not get done at this level, and Twitter’s Board will not view this offer, or Mr. Musk leading a change in the company as in the best interest of the company or shareholders,” Wedbush said in a note..

UnitedHealth Group (NYSE 🙂 Group was a key Dow component and ended the day in red despite improving quarterly results than expected and an increase of full-year guidance.

The selloff was slowed by energy, which was fueled in part by higher oil prices and fears of tightening global supplies. Russia and Ukraine are set for a major land war in Eastern Ukraine.

The economic outlook was mixed. Data showed that the economy suffered from rising inflation, which investors were not expecting. However, the report has highlighted the effects of the red-hot inflation on the consumers.

Economists still remain optimistic on the strength consumer and cite the extra savings built up over the pandemic.  

“[W]e remain quite constructive on the outlook, because of the combination of excess savings and robust wage growth, particularly in the bottom half of the income distribution” {{Jefferies said in a note.}}

Peloton Interactive (NASDAQ 🙂 dropped more than 4 percent after it cut its prices for the Bike, Tread, and Bike+ fitness machines. However, the company raised its monthly fees to access its fitness content on demand as it seeks user growth.