(Bloomberg) -- Stocks fluctuated as traders assessed another batch of corporate earnings and remained focused on any signals about the Federal Reserve’s next policy moves. Bond yields climbed.

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The S&P 500 was little changed. The US economy stalled in recent weeks as hiring and inflation slowed and access to credit narrowed, the Fed said in its Beige Book survey of regional business contacts.

The Cboe Volatility Index slipped toward its lowest since November 2021 to near 16. Treasury two-year rates, which are more sensitive to imminent policy moves, topped 4.2%. The dollar rose. Bitcoin fell back below $30,000.

Morgan Stanley rose after its investment bank and giant wealth unit surpassed expectations even as profits fell. Netflix Inc. slid as its subscriber growth and revenue outlook missed projections. Tesla Inc. declined as the carmaker cut prices ahead of its results later Wednesday. Western Alliance Bancorp climbed after beating earnings estimates and saying deposits recovered.

“If the bank earnings overall came in better than what was feared, that could give the Fed the green light to continue with their another 25 basis-point rate hike on May 3,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors.

Oil fell while gold declined below $2,000 an ounce, under pressure from the strengthening dollar.

Key events this week:

• China loan prime rates, Thursday

• Eurozone consumer confidence, Thursday

• US initial jobless claims, existing home sales, index of leading economic indicators, Thursday

• ECB issues report on March policy meeting, Thursday

• Fed’s Christopher Waller speaks at cryptocurrency-focused event, Thursday

• Fed’s Patrick Harker speaks on “monetary policy and housing”, Thursday

• Fed’s Loretta Mester discusses the economic and policy outlook, Thursday

• Fed’s Raphael Bostic discusses regional and national economic conditions, Thursday

• Fed’s Michelle Bowman and Lorie Logan speak at event, Thursday

• PMIs for Eurozone, Friday

• Japan CPI, Friday

• Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:

Stocks

• The S&P 500 was little changed as of 2:05 p.m. New York time

• The Nasdaq 100 was little changed

• The Dow Jones Industrial Average fell 0.2%

• The MSCI World index fell 0.2%

Currencies

• The Bloomberg Dollar Spot Index rose 0.2%

• The euro fell 0.1% to $1.0956

• The British pound rose 0.1% to $1.2442

• The Japanese yen fell 0.5% to 134.74 per dollar

Cryptocurrencies

• Bitcoin fell 3.5% to $29,348.31

• Ether fell 5.2% to $1,983.91

Bonds

• The yield on 10-year Treasuries advanced four basis points to 3.61%

• Germany’s 10-year yield advanced four basis points to 2.52%

• Britain’s 10-year yield advanced 11 basis points to 3.86%

Commodities

• West Texas Intermediate crude fell 1.6% to $79.57 a barrel

• Gold futures fell 0.7% to $2,006.40 an ounce

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Emily Graffeo, Peyton Forte and Isabelle Lee.

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