Stocks were lower Wednesday as U.S. Treasury yields rose to multiyear highs. The Dow Jones Industrial Average dropped more than 300 points, while the S&P 500 Index and Nasdaq Composite lost roughly 1.3% and 1.6%, respectively.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): -1.34% or -58.60 points to 4,314.60

Dow Jones Industrial Average (DIA  ): -0.98% or -332.57 points to 33,665.08

Nasdaq Composite Index (QQQ  ): -1.62% or -219.45 points to 13,314.30

The 10-year Treasury yield climbed nearly 5 basis points to 4.897%, rising above 4.9% for the first time since 2007 during Wednesday's session. The 5-year Treasury and 2-year Treasury yields also rose to levels not seen in more than 15 years to as high as 4.937% and 5.214%, respectively.

The Federal Reserve returned to the spotlight on Wednesday, as the Philadelphia Federal Reserve President Patrick Harker told The Wall Street Journal in an interview that interest rates are currently at a level where more hikes may not be needed. "This is a time where we just sit for a little bit. It may be for an extended period; it may not. But let's see how things evolve over the next few months," Harker said.

The Fed's Beige Book reported Wednesday that the U.S. economy show "little or no change" over the past six weeks, with spending being "mixed" while prices rose "at a modest pace," according to the report.

On the earnings front, Morgan Stanley (MS  ) shares fell despite posting stronger-than-expected third-quarter earnings Wednesday as its wealth management results disappointed analysts. CEO James Gorman said the bank currently operates in a "mixed" environment, with its wealth management business gathering fewer new assets.

Procter & Gamble (PG  ) shares rose after the consumer goods company reported better-than-expected fiscal first-quarter results. The company's net fales rose 6% to $21.87 billion, and its organic revenue increase 7% -- driven by higher prices. However, Procter & Gamble's volume shrank 1%, marking a sixth consecutive quarter of decline.

Shares of United Airlines (UAL  ) came under pressure Wednesday after the carrier warned that increased fuel costs and a halt in flights to Tel Aviv, Israel are expected to impact current-quarter profits. This outlook came after United topped third-quarter expectations in its latest earnings report. For its fourth-quarter, the company expects adjusted earnings to range between $1.50 and $1.80 per share.

ASML (ASML  ) shares fell Wednesday after the chipmaker's 2024 revenue forecast disappointed analysts following its year-over-year third-quarter profit beat. The company expects full-year 2024 revenue to be similar to 2023, but still reaffirmed its guidance for net sales to rise 30% year-over-year for 2023.

"The semiconductor industry is currently working through the bottom of the cycle and our customers expect the inflection point to be visible by the end of this year," ASML CEO Peter Wennink said in a statement. "We therefore expect 2024 to be a transition year."

In economic news, U.S. housing starts increased in September while building permits fell, the Commerce Department reported Wednesday. Starts rose 7% from August to a seasonally adjusted 1.358 million, and fell 7.2% from a year ago. Meanwhile, building permits declined 4.4% month-to-month to total 1.473 million, also 7.2% below September 2022's print.

For Thursday, market participants will react to earnings reports from companies including Netflix (NFLX  ) and Tesla (TSLA  ). Wall Street will also keep an eye on more FedSpeak on Thursday, with Fed Chair Jerome Powell scheduled to give remarks in the afternoon.

This article has been fully updated.