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Earnings reports took center stage Wednesday as stocks ticked lower, threatening a run of recent gains.

The S&P 500 logged its longest winning streak in two years on Tuesday after rising for a seventh straight session. Meanwhile, the 10-year U.S. Treasury yield, which falls when bond prices rise, has fallen from above 5% just a few weeks ago to below 4.6%.

With a light calendar of economic data this week, some traders’ focus has turned to the bond market. A $40 billion auction of 10-year Treasurys, slated for early afternoon, is expected to test demand for U.S. debt.

U.S. stocks edged lower. The S&P 500, Dow industrials and Nasdaq Composite all fell roughly 0.2%.

Treasury yields slipped. The 10-year yield traded around 4.523% from 4.570% on Tuesday.

The U.S. dollar rose for a third straight day. The euro weakened after data showed German inflation fell to its lowest rate in more than two years.

Investors reacted to company earnings. Nintendo rose after announcing plans for a new live-action movie, while New York Times shares climbed after reporting continued digital-subscriber growth. Shares of Warner Bros. Discovery fell after the company said it lost subscribers in the third quarter.

Shares of both recently-split Kellogg’s businesses, WK Kellogg and Kellanova, rose after beating analyst expectations.

International stock markets diverged. In Asia, Hong Kong’s Hang Seng Index and Japan’s Nikkei 225 both fell. In Europe, the Stoxx Europe 600 rose.

Up ahead: Earnings from companies including Walt Disney, Lyft and the meme stock AMC Entertainment, which report after the closing bell.

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