- Wall Street’s main indexes trade mixed on Wednesday.
- Financial shares slide pressured by falling US T-bond yields.
- Rising tech stocks help Nasdaq gain traction after the opening bell.
Major equity indexes opened mixed on Wednesday amid varying performance of major sectors. As of writing, the Dow Jones Industrial Average was posting small losses at 34,594, the S&P 500 was up 0.17% on the day at 4,230 and the Nasdaq Composite was rising 0.53% at 13,884.
Among the 11 major S&P sectors, the Financials Index is down 0.62% pressured by a 3.8% decline seen in the benchmark 10-year US Treasury bond yield. On the other hand, the Technology and the Communication Services indexes both gain around 0.5%.
S&P 500 (SPX, SPY) Technical Levels: Records are there to be broken, and that is 2021’s trend.
“The stock market continues to march steadily higher as FOMO (fear of missing out) and TINA (there is no alternative) continue to dominative the narrative for 2021,” notes FXStreet Stocks Analyst Ivan Brian. “There is indeed little alternative available in a zero rate world since global central banks have backed themselves into a corner by making stocks the only asset class in town and in the process making the stock market too big to fail.”
S&P 500 chart (daily)
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