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Stocks traded lower Thursday, as investors keep an eye on rising rates and Federal Reserve Chairman Jerome Powell’s speech.

The Dow Jones Industrial Average added 40 points or 0.1%. The S&P 500 eased 0.4%, and the Nasdaq Composite plunged 0.8%.

Powell is set to speak at 1 p.m. ET during the International Monetary Fund Debate on the Global Economy. The discussion is moderated by CNBC’s Sara Eisen.

Treasury yields climbed ahead of Powell’s speech, with the benchmark 10-year rate above 2.94%, flirting with its highest level since December 2018.

“I’m cautiously optimistic that earnings will keep beating, with a couple of outliers,” Jeff Kilburg, chief investment officer, at Sanctuary Wealth, told CNBC.

″‘Boring’ names – American staple names that we forgot about – are doing better than expected,” he continued, citing IBM as an example. “It’s a big divergence from sentiment, especially with the 10-year [Treasury yield] nearly doubling. The shift from growth to value is really hitting its stride.”

Tesla surged about 6% after better-than-expected earnings. Several analysts lauded Tesla after the release, with one calling it a “core holding.”

The Dow had strong gains led by strong earnings from Procter & Gamble. Meanwhile, the technology-heavy Nasdaq Composite was dragged down 1% by Netflix’s 35% decline.

“It continues to be a pretty bifurcated market,” said Dave Grecsek, managing director in investment strategy and research at wealth management firm Aspiriant. “Some of the more defensive, value-style companies are enjoying good returns. The flipside is some of those more growth-style tech names are going to be struggling.”

In economic data, initial jobless claims came in slightly higher than expected at 184,000 for the week ending April 16, showing a decline of 2,000. Dow Jones analysts estimated 182,000 first-time claims.