- Wall Street’s main indexes opened little changed on Friday.
- Technology shares turn south as investors turn cautious ahead of the weekend.
- Financial stocks post strong gains on the back of rising US T-bond yields.
Major equity indexes in the US opened near Thursday’s closing levels as the risk rally seems to have lost its steam amid rebounding US Treasury bond yields. As of writing, the S&P 500 was flat on the day at 4,097 points, the Dow Jones Industrial Average was up 0.25% at 33,592 and the Nasdaq Composite was losing 0.4% at 13,692.
Among the 11-major S&P 500 sectors, the risk-sensitive Technology Index is down 0.45%, reflecting the cautious market mood. On the other hand, the Financials Index is up more than 0.7% supported by a more-than-3% increase in the benchmark 10-year US Treasury bond yield.
Earlier in the day, the data published by the US Bureau of Labor Statistics showed that the Core Producer Price Index (PPI) rose to 3.1% in March to beat the market expectation of 2.7%. Nevertheless, this report was largely ignored by market participants.
S&P 500 chart (daily)
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