Stock Market Today: Stocks fade despite hopes for more rate cuts

Market Overview - Stocks opened higher on Wednesday due to positive corporate earnings and expectations of lower interest rates [1] - The rally showed signs of fading in the late morning [1] Company Performance - Morgan Stanley shares increased nearly 7% following a strong earnings report that outperformed Goldman Sachs [1] - Wells Fargo also reported bullish results and reached a new high [1] - Tech giant Oracle's stock rose nearly 3% to $353.30 [1] Sector Performance - The utilities sector was the strongest performer at the start of the day, influenced by bond market conditions [2] Treasury Yields and Mortgage Rates - The 10-year Treasury yield was just above 4%, marking the lowest level of the year, briefly dropping to 3.998% [3] - Mortgage rates have been gradually decreasing, currently around 6.3% [3] Index Performance - The Standard & Poor's 500 Index rose 0.5% to 6,674 [4] - The Nasdaq Composite, which had earlier increased by over 200 points, was up 149 points to 22,670 [4] - The Dow Jones Industrial Average was up 91 points, or 0.2%, at 46,356 [4] 52-Week Highs and Lows - Stocks reaching 52-week highs included Wal-Mart, Wells Fargo, Caterpillar, and Southern Co., with Southern shares peaking at $100.24 before falling back to $99.25, down 0.43% [4] - Progressive Corp. was notable for hitting a 52-week low, with shares down 7.9% at $221.36 due to quarterly earnings missing estimates related to issues in Florida [5]