Wall Street stocks are coming off two days of gains, but trading remains unsteady overall. Treasury yields rose back near multi-year highs. Crude oil prices rose slightly.

Home builders and other companies tied to the industry fell following a disappointing report on the housing industry. Construction on new homes declined more than expected in September. Home builder Lennar fell 4.5 per cent and home-improvement retailer Lowe’s shed 4.8 per cent.

The yield on the 10-year Treasury, which influences mortgage rates, rose to 4.12 per cent from 4.02 per cent late Tuesday. The yield on the two-year Treasury, which tends to track expectations for future Federal Reserve action, also rose to 4.55 per cent from 4.43 per cent.

US crude oil prices rose 1.2 per cent and energy stocks made gains. ExxonMobil rose 2.6 per cent. The White House plans to announce another release of oil from the US strategic reserve.

Investors have been focusing on the latest round of corporate earnings this week. The latest results are being closely watched for clues about how companies are dealing with the hottest inflation in four decades and how they intend to operate through the rest of the year and into 2023.

Netflix soared 13.3 per cent after the company said it picked up 2.4 million subscribers during the July-September period, a comeback from a loss of 1.2 million customers during the first half of the year.

United Airlines rose 7.2 per cent after reporting strong third-quarter financial results. American Airlines will report its results on Thursday.

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Household goods giant Procter & Gamble rose 2.2 per cent after also reporting strong financial results. It joined a growing list of companies, including Hasbro and Johnson & Johnson, warning investors about a strong US dollar cutting into revenue. A strong dollar decreases the value of overseas sales after converting the currency. The US currency is now worth more than a euro for the first time in 20 years.

The greenback has gained strength versus currencies worldwide as inflation and recession concerns prompt investors to look for relatively stable investments. Central governments and banks worldwide are dealing with stubbornly hot inflation. British food prices rose at the fastest pace since 1980 last month, driving inflation back to a 40-year-high.

The US faces its own potential recession as high prices on everything from food to clothing barely budge and the Fed raises interest rates to temper inflation.

The Fed’s rate increases are meant to make borrowing more difficult and slow economic growth in an effort to tame inflation. The strategy risks stalling the already slowing US economy and bringing on a recession.

“That’s the game of chicken that’s going on,” said Steve Chiavarone, senior portfolio manager at Federated Hermes. “The Fed can only restore price stability by hurting demand, i.e. causing a recession.”

With AP