By Yasin Ebrahim

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

It was down by 0.33% or 113 points, and the dropped 1.22%. The slipped 2.1%.

Goldman Sachs, one of the largest Wall Street banks (NYSE :), Morgan Stanley (NYSE:), Citigroup Inc (NYSE: ) announced first quarter results that exceeded analysts’ expectations. But Wells Fargo After reporting a quarterly decline, (NYSE:) dropped more than 4 percent.

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 🙂 declined 3%. Alphabet, Amazon.com (NASDAQ :), Microsoft (NASDAQ 🙂 and Meta Platforms were all down over 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, a Dow component major, finished the day in negative despite stronger-than-expected quarter results and an improvement in full year guidance.

The energy sector saw a slight increase of 1%. This was due to rising oil prices and fears over tightening supplies. Russia and Ukraine are set for a major land war in Eastern Ukraine.

Investors were unable to digest a worse economic picture, as data revealed that inflation rose faster than anticipated, and the most recent report highlighted the negative impact of high-inflation on consumers.

Economists still remain optimistic on the strength and resilience of consumers, citing increased savings during 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:) lost more than 4.4% following a reduction in the price of the Tread and Bike machines. The company also raised the monthly cost for on-demand content to help it regain its user growth.