Major US equity indices opened higher on Wednesday as market participants tracked trade developments between the US and its key global partners.
Trade tensions cooled off a bit after the US Treasury Secretary Steven Mnuchin reportedly proposed to exempt Canada from metals tariffs and China offered to buy around $70 billion of the US goods.
The upbeat mood was further supported by a rally in technology and health-care stocks, with tech-heavy Nasdaq Composite Index notching fresh intraday record high for the third straight session.
On the economic data front, the US trade deficit shrank 2.1% in April, tumbling to a seven month low, and added to the already positive trading sentiment during the opening hour of trade.
The up-move, however, now seems to have already run out of steam, with all the three major indices quickly shedding off a major part of their early gains.
At the time of writing this report, the Dow Jones Industrial Average was up around 70-points to 24,870 and the broader S&P 500 Index held near yesterday’s closing level around 2,749.
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