- Wall Street’s main indexes trade near Tuesday’s closing levels on Wednesday.
- Sharp upsurge seen in US T-bond yields is weighing on sentiment.
- Investors await IHS Markit’s and ISM’s Services PMI data.
Major equity indexes in the US started the day near Tuesday’s closing levels on Wednesday as investors seem to be staying on the sidelines while watching the renewed upside pressure on the US Treasury bond yields.
As of writing, the Dow Jones Industrial Average was up 0.2% on the day at 31,470, the S&P 500 was unchanged at 3,870 and the Nasdaq Composite was down 0.2% at 13,023.
Among the 11 major S&P 500 sectors, the Financials Index is up 0.85% supported by a 5.8% increase in the benchmark 10-year US Treasury bond yield. On the other hand, the Materials Index and the Utilities Index lose around 0.5% as the worst performers after the opening bell.
Later in the session, the IHS Markit’s and the ISM’s Services PMI reports for February will be looked upon for fresh impetus.
S&P 500 chart (daily)