Stocks fall a second day | Tesla shares slide | Cheap stocks that are expected to rally

The major averages slipped on Thursday as Treasury yields resumed their climb.

VIEW IN BROWSER | SUBSCRIBE THU, OCT 20, 2022 EVENING BRIEF AS OF THU, OCT 20, 2022 • 05:01 ET DJIA 30333.59 -0.30% -90.22 S&P 500 3665.78 -0.80% -29.38 NASDAQ 10614.84 -0.61% -65.66 Most Active DOW NAME LAST CHG %CHG AAPL 143.39 -0.47 -0.33% VZ 37.00 +0.43 +1.18% INTC 26.08 +0.08 +0.31% S&P 500 NAME LAST CHG %CHG TSLA 207.28 -14.76 -6.65% T 16.74 +1.20 +7.72% AMD 57.77 +0.54 +0.94% NASDAQ NAME LAST CHG %CHG TSLA 207.28 -14.76 -6.65% AMD 57.77 +0.54 +0.94% NVDA 121.94 +1.43 +1.19% EDITOR'S NOTE Treasury yields made another run higher on Thursday, putting pressure on equities that helped erase an early gain for the stock market.    Bond market traders are increasingly pricing in a more aggressive Federal Reserve, which is driving up not only yields but also U.S. currency.    The dollar is trading near its high levels of the year. On Thursday, the greenback hit its highest level against the Japanese yen since 1990.  The dollar's surge is showing up in earnings season, too, often as a sour note in the corporate reports. Several companies such as Procter & Gamble have reported currency impacts for the latest reporting quarter.   And that could be one reason why earnings season, while certainly better so far than some feared, hasn't been enough to create a big rally for stocks.    "It's not really too surprising, especially given the strong dollar. It's taking a pretty big chunk out of these results," said Jeffrey Buchbinder, chief equity strategist at LPL Financial.  Jesse Pound | CNBC Markets Reporter @jesserpound Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks close lower for second day as Treasury yields continue march to new highs UK Prime Minister Liz Truss resigns after failed budget and market turmoil Tesla shares slide after Q3 revenue miss, Bernstein says earnings call 'didn't sit well with us' Existing home sales fall to a 10-year low in September, as mortgage rates soar David Einhorn says he's bearish because the Fed's 'official policy is to make the stock market go down' An often-overlooked economic measure is signaling serious trouble ahead Too cheap? 18 stocks with single-digit P/Es that are expected to rally Why this earnings season may not be as bad as people think Ukraine and U.S. say drones used by Russia are Iranian; Kyiv tells men to resist Russian conscription Chess grandmaster Hans Niemann sues champion Magnus Carlsen, others for $100 million over cheating claim TOP VIDEO Investors aren't fighting the Fed if they think stocks have upside, says Fundstrat's Lee CNBC PRO This short-term investment hasn't looked as attractive since 2007 SPECIAL REPORTS Here's how much you can earn and still pay 0% capital gains taxes in 2023 The student loan forgiveness application is now live — here's how to fill it out Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS