Stocks fall hard amid rising interest rates and earnings fears

USA stocks headed lower on Wednesday with technology bearing the brunt of falls soon after opening as investors anxious over rising bond yields, corporate costs and rising trade tensions with China.

S&P 500 futures were recently down 0.2% after the index.

This Tuesday S&P 500 rose by 0.3 percent.

The 10-year bond note yield traded at highest level since January 2014, breaking above 3 percent for the first time in more than four years.

Goodyear Tire & Rubber fell 2.9 percent early Wednesday after warning of higher expenses for raw materials.

The rising yield reflects higher expectations for inflation and economic growth.

The U.S. equities fell sharply in the previous session.

The yield on the 10-year note is a benchmark for many kinds of interest rates including mortgages, and it's been climbing because investors expect greater economic growth and faster inflation.

Diversified industrial manufacturer 3M Co (MMM.N) was the biggest drag on the Dow Jones Industrial Average .DJI.

Caterpillar Chief Financial Officer Brad Halverson said during a call with investors that first quarter earnings "will be the high watermark for the year".

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Traders work on the floor of the New York Stock Exchange (NYSE) on April 24, 2018 in New York City.

Wall Street limped into positive territory on Wednesday on optimism over a spate of upbeat earnings that was almost offset by jitters over rising USA bond yields and corporate costs.

BONDS: The concerns about increased costs also come at a time of rising interest rates, which makes it more expensive for companies to borrow money. The Fed raised rates in March and is expected to do so at least twice more in 2018, though a growing number of central bank members are predicting a third additional hike by year's end.

Caterpillar, an industrial heavyweight, tumbled 6.20 percent after management said first-quarter earnings would be the "high water mark" for the year and warned of increasing steel prices, although the company beat earnings estimates due to strong global demand.

The Dow is down 438.81 points, or 1.8 percent.

The dollar edged lower after a week of gains.

RINSE CYCLE: Appliance maker Whirlpool surpassed Wall Street's expectations in the first quarter.

The S&P 500 index lost 44 points, or 1.7 percent, to 2,626.

Gold rose 0.7 percent to $1,333 an ounce. The euro rose to $1.2244 from $1.2205.

One of the stocks leading the index higher was travel website Travelzoo (NASDAQ:TZOO) which surged nearly 21% to US$9.35 after first-quarter income from continuing operations nearly tripled to US$2.5mln.

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