NEW YORK, Oct 23 - FMC, the agricultural sciences firm, saw its stock tumble after announcing a downward revision to its third-quarter revenue and earnings outlook. This development had a significant impact on Wall Street stocks, as benchmark U.S. Treasury yields retreated from 5%, and investors turned their attention to upcoming high-profile earnings reports and closely watched economic data.

The S&P 500 ended the trading day with a modest decline, while the tech-heavy Nasdaq Composite Index managed to close higher, bolstered by interest rate-sensitive momentum stocks. Simultaneously, the Dow Jones Industrial Average recorded its fourth consecutive daily drop.

Investors remained fixated on the issue of interest rates, transitioning from the notion of "higher for longer" to "how much higher for how much longer?" Oliver Pursche, Senior Vice President at Wealthspire Advisors in New York, explained, "The market has accepted the idea that the Fed is not going to lower rates any time soon."

The Nasdaq Composite Index outperformed other major indexes on Wall Street, while the blue-chip Dow experienced a marginal decline. This sets the stage for an eventful week ahead, with nearly one-third of S&P 500 companies scheduled to report their earnings.

Sam Stovall, Chief Investment Strategist of CFRA Research in New York, remarked, "With nearly a third of the S&P reporting this week, investors are hoping these 'magnificent seven' companies will end up surprising to the upside." According to data from LSEG, of the 86 S&P 500 companies that have already reported earnings, 78% have surpassed expectations.

Oliver Pursche added, "The Fed wants to slow inflation at a quicker pace than it slows economic growth, and it's doing so. That's the classic definition of a soft landing."

Market statistics for the day revealed that the S&P 500 lost 7.31 points, or 0.17%, closing at 4,216.85 points. Meanwhile, the Nasdaq Composite gained 35.31 points, or 0.27%, finishing at 13,019.12. The Dow Jones Industrial Average fell 191.56 points, or 0.58%, to close at 32,935.72.

The decline in FMC stock following the downward revision of its third-quarter outlook contributed to the mixed performance observed in today's trading session. As the week progresses, investors will closely monitor earnings reports and economic data releases to gain further insights into market sentiment and potential future trends.