Stocks finished lower on Thursday, ending the longest winning streaks for the S&P 500 and Nasdaq in two years, as Treasury yields surged. The Nasdaq closed 0.9% lower, while the S&P 500 fell 0.8% and the Dow Jones Industrial Average slipped 0.7%.

The yield on 10-year Treasury notes experienced a dip below 4.5% for the first time in over a month before rebounding to more than 4.6%. Oil prices, which had been tumbling for most of the week, stabilized. Meanwhile, Bitcoin briefly reached nearly $38,000, its highest level since May 2022, before retreating.

In corporate news, Disney (DIS) shares surged after the company reported better-than-expected fiscal fourth-quarter earnings. The entertainment giant's streaming service, Disney+, added 7 million subscribers during the quarter, marking its first period of growth in almost a year. As a result, Disney shares jumped 6.9%.

The S&P 500 and Nasdaq managed to eke out small gains, while the Dow slipped 0.1%, breaking a seven-day winning streak.

Concerns over interest rates and higher bond yields led to a drop in the Dow Jones Industrial Average, with the index falling 220 points or about 0.7% on Thursday. This came as Federal Reserve Chair Jerome Powell, in a speech, reiterated the central bank's willingness to take more aggressive actions if inflation proves to be stickier than expected.

Shares of various companies witnessed mixed performances. Walt Disney Company (DIS) saw its shares surge by 6.9% after reporting quarterly earnings of $0.82 per share, beating Wall Street estimates. Boeing (BA) shares moved higher by 0.8%, while shares of Honeywell (HON) inched up about 0.1%. UnitedHealth Group (UNH) gained 0.4% and Procter & Gamble rose 0.2%. On the other hand, Amgen (AMGN) shares dropped 3.4%, making the healthcare sector the worst-performing sector of the day, tumbling more than 2%.

Investors also closely watched the performance of technology giants. Microsoft (MSFT) shares declined 0.7%, breaking a nine-session winning streak and retreating from its all-time high reached the day before. Shares of Intel (INTC) fell 0.3% as the chipmaker was reported to be backing artificial intelligence (AI) startup Stability AI, famous for its Stable Diffusion image-generating software.

In market news, Blackrock, a leading asset management company, is reportedly considering launching an ETF for Ether, the cryptocurrency. This comes after the firm previously made a similar move with Bitcoin. The potential Ether ETF news caused the price of Ether to jump.

Federal Reserve Chair Jerome Powell, in a speech, stated that the Fed will not hesitate to raise interest rates if necessary. Powell emphasized the central bank's commitment to returning inflation to its 2% target. He stated that the Fed will continue to monitor data cautiously to avoid overtightening.

Arm Holdings (ARM), the British semiconductor designer that recently went public, reported strong second-quarter fiscal 2024 earnings, exceeding expectations. However, its American depositary receipts (ADRs) tumbled as its guidance for the current quarter fell below analysts' estimates, partly due to a slump in the smartphone market.

Disney's better-than-expected earnings were driven by robust subscription growth, narrower losses in the streaming segment, and a thriving theme park business. After three consecutive quarters of losing subscribers, Disney+ gained 7 million paid users, bringing its total subscriber count to 150.2 million.

The media industry experienced gains early in trading after studios reached a tentative deal with striking actors, bringing an end to the months-long strike that disrupted Hollywood production. Paramount Global (PARA) and Disney (DIS) saw their shares rise on the news and Disney's impressive earnings report. Warner Bros Discovery (WBD) initially jumped but later traded around flat.

Overall, stocks faced downward pressure due to rising Treasury yields and concerns over interest rates. However, Disney's strong earnings and the resolution of the actors strike brought some positive momentum to the market. Investors continued to closely monitor the performance of major companies and the development of the cryptocurrency market.