Big bank profits lift Dow but tech drags Nasdaq lower as yields climb ahead of earnings flood

Big US banks like JPMorgan and Wells Fargo reported upbeat profits to kick off earnings season, but stocks closed mixed with Nasdaq down 1.2% and Dow up 0.12%.

Higher interest rates helped boost bank profits, but also drove up Treasury yields and weighed on sentiment.

Microsoft closed its $69 billion acquisition of Activision Blizzard after getting UK antitrust approval.

Consumer sentiment dropped sharply in October on inflation concerns, with rising yields acting like a "phantom rate hike."

corporate earnings reports flood in next week, including from Netflix, Tesla, Bank of America and AT&T.