• U.S. stocks fell as recession fears and disappointing earnings reports weighed on investors.
• Major indices fell slightly, while bond yields rose.
• Super Micro Computer and Airbnb suffered sharp declines after disappointing earnings forecasts.

US stocks slumped on Wednesday as the post-selloff recovery lost momentum and investors read some disappointing earnings reports. All three benchmark indices closed lower, while bond yields rose slightly.

Stocks rose in early morning trading after the Bank of Japan said it would not raise interest rates during times of market instability, boosting confidence among investors concerned about the unwinding of carry trades in global markets.

However, stock prices were ultimately dragged down as investors continued to worry about recession risks and digested a series of weak corporate earnings reports.

Super Micro Computer led losses in the technology sector after the chipmaker missed fourth-quarter earnings estimates. SCMI shares ended the day 20% lower, while Nvidia and Tesla fell 4%.

Airbnb saw its stock price plunge to a record low on Wednesday after the company reported a slowdown in demand from its U.S. travelers in its earnings report. Shares closed 13 percent lower on Wednesday at $113.01 per share.

The sharp sell-off in stocks is a sign that the market is “technically oversold,” strategists at financial firm iCapital said in a recent statement.

“The economy Is is slowing and markets are clearly in the mood to price in a recession, which argues for defensive positioning of the core of the portfolio,” the company said. “We are now mostly out of the buyback lock-in window and the biggest buyers could be in the market soon.”

Other forecasters, however, believe that volatility will continue to shake the market.

“For the savvy investor who knows the mechanics of the market and knows that the next correction is coming at some point, this should not come as a major shock,” Ken Mahoney, CEO of Mahoney Asset Management, said in a statement.

Here you can see the US indices at the close of trading on Wednesday at 4:00 p.m.:

Here’s what else is happening today:

For commodities, bonds and cryptocurrencies:

• West Texas Intermediate crude rose 3.06 percent to $75.44 a barrel. Brent crude, the international benchmark, rose 0.23 percent to $78.51 a barrel.
• The price of gold was relatively stable at USD 2,385.66 per ounce.
• The yield on 10-year government bonds rose six basis points to 3.952%.
• The Bitcoin price fell 3.4% to $54,740.