Markets trend above flatline, bank stocks increase gains in afternoon session

Yahoo Finance Live anchor Seana Smith checks in on the stock market action in the final hour of trading on Wednesday.

Video Transcript

SEANA SMITH: Let's get you up to speed on this afternoon's market action, because as you can see, we are well off the lows of the day. The Dow was off over 400 points-- off 460 points earlier in today's trading action just a couple of hours after that opening bell. You can see we are just below the flatline, off just about 7 points right now.

S&P also well off the lows of the day now, off just about 1/10 of a percent. The NASDAQ composite, a lot of those larger cap tech names were under pressure earlier in earlier trading. That was causing some of the losses that we were seeing across the board. But the NASDAQ composite now only off about a quarter of a percent, so recouping some of those earlier losses.

Taking a look at the bond market very quickly, you see the 10-year yield off just a fraction here, so just around 3.46%. Digging into some of those individual movers, and starting inside the Dow, you're looking at Microsoft, off just about 2/10 of a percent. I'll talk a little bit more about that drop that we're seeing more broadly speaking in tech.

But I also want to bring to your attention the gains that we are seeing in Boeing. Boeing reported before the bell this morning. Despite that miss on both the top and bottom lines, you're looking at Boeing back in the green in today's trading action, trading up just about 1%. Taking a look at some of the bank stocks here-- the outperformer Capital One, they reported after the bell yesterday.

You can see it up just over 9% today, leading the way-- lots of green on the screen. Taking a look at the XLF, the financial sector here, some of those larger banks-- Capital One the leader here when we take a look at the S&P, the top performing stock in the S&P today. Taking a look at that sector action there, I mentioned banks leading the way with financials up just around 7/10 of a percent, consumer discretionary also holding onto gains.

On the flip side, you can see utilities by far the underperformer off just over 1.5%. XLI also off just about 4/10 of a percent. Real quick, taking a look at some of those tech names-- Microsoft, the drop there, a lot of that having to do with the guidance. That initially spooked the Street. You can see some of those larger tech names still under pressure today, Dave. We were looking at Alphabet off just about 2.5%. Apple also in the red today.

DAVE BRIGGS: I think what we learned over the last 24 hours is we rush to judgment with these earnings. We're so in a hurry to break them down and analyze them, we need to give it some time. And that's a warning for Tesla, because that comes out after hours. We will see a jump to conclusion.

SEANA SMITH: Yeah, and also just how important the earnings calls are too, right?

DAVE BRIGGS: Two things.

SEANA SMITH: So much stuff that goes on in these earnings calls when we hear from executives that really moves the stock the next day or during the trading day.

DAVE BRIGGS: Patience, my friend.