The article discusses the decline in stock markets, with the S&P 500 and Nasdaq composite falling, as Tesla’s earnings report missed Wall Street’s expectations. Investors were also concerned about persistently high inflation, which could lead to more aggressive interest rate hikes from the Federal Reserve. Tesla’s stock plunged 9.7% after the company reported lower-than-expected profits due to higher costs and supply chain issues. The yen also hit a 20-year low against the U.S. dollar, raising expectations of an intervention from Japan’s central bank. The yield on the 10-year Treasury note rose to 2.84%, reflecting expectations of higher interest rates. Overall, the article highlights the market’s reaction to Tesla’s disappointing earnings and ongoing inflation concerns.