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  • Wall Street’s main indexes trade in the negative territory after opening bell.
  • Market sentiment remains sour following mixed US data.
  • S&P 500 Financials Index drops more than 2%.

Major equity indexes in the US failed to build on Thursday’s gains and started the last day of the week in the negative territory. As of writing, the S&P 500 was down 0.85% on the day at 3,058 points while the Dow Jones Industrial Average and the S&P 500 were losing 1.25% and 0.9%, respectively.

Slumping T-bond yields weigh on financial stocks

Earlier in the day, the data published by the US Bureau of Economic Analysis showed that Personal Spending in May rose by 8.2% but fell short of the market expectation for an increase of 9%. Further details of the publication revealed that Personal Income in the same period declined by 4.2%.

Among the 11 major S&P 500 sectors, the Financials Index is down 2.3% as the top declined pressure by a more-than-3% fall in the 10-year Treasury bond yield. On the other hand, the defensive Utilities Index is up 0.45% on the day to reflect the risk-averse market environment.