A big gain in Boeing pushed the Dow Jones industrial average higher, breaking a five-day losing streak. Analysts now expect first-quarter earnings growth of 22 percent, according to Thomson Reuters data.

The 10 year benchmark of Treasury yield traded at 3.02 percent after breaking above the rate of 3 percent for the first time on Tuesday since 2014. the rates which are moving higher is pushing the stocks lower with the Dow dropping by more than 400 points. The S&P 500 dropped 35.73 points, or 1.34%, to 2,634.56.

The fall in the Nasdaq composite index was 1.7% to 7007.35 points, with shares of Facebook, Amazon, Alphabet and Netflix falling by more than 3.5%.

Goodyear Tire & Rubber fell 4.9 percent after warning of higher expenses for raw materials. The company reported better-than-expected first-quarter earnings and boosted its full-year sales and profit forecast but did not raise its 2018 cash-flow projections.

Volume on USA exchanges was 7.22 billion shares, compared to the 6.80 billion average for the full session over the last 20 trading days.

The Dow opened slightly higher on Wednesday, boosted by Boeing's 3.4 per cent jump after strong results, while the Nasdaq and S&P 500 were little changed as U.S. bond yields climbed above the 3 per cent level.

Stocks fell on Tuesday as investors were left disappointed with the latest batch of earnings, despite strong performance. The stock has been consolidating since January.

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 S&P 600 closed at 955.03 for a loss of -2.34 points or -0.24%. Bond prices slipped again Tuesday.

Later in the day Caterpillar stock fell 6.2 percent after Chief Financial Officer Bradley Halverson said the company's first quarter would be "the high-water mark for the year" during a conference call. FB tumbled nearly 4% yesterday after higher expenses at Google parent Alphabet raised concerns about profitability for the tech titans.

"While the market has focused on the psychological resistance level of 3% yields on USA ten year bonds, investors should not anchor themselves too much in the recent past". The euro fell to $1.2175 from $1.2237. Industrials fell 0.6 per cent as shares of railroad companies lost ground.

The Russell 2000 is down 10.84 points, or 0.7 percent. Natural gas rose 1.5 percent to $2.78 per 1,000 cubic feet. The Nasdaq gave up 25 points, or 0.4 percent, to 6,979. At last check, London's FTSE 100 and the French CAC 40 are each 0.7% lower.