Wall Street jumps in early trade led by financials

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Major equity indexes in the U.S. started the day in the positive territory as hinted by the strong gains in equity futures. As of writing, the Dow Jones Industrial Average and the S&P 500 were both up 1% on the day while the Nasdaq Composite was adding 1.95%.

With the U.S. reaching a deal with Mexico to suspend tariffs, the 10-year US Treasury bond yield gained traction and rose more than 2% on Monday to start recovering last week’s losses. The rate-sensitive S&P 500 Financials Index capitalized on the surging bond yields and was last seen rising 1.3% on the day.

The improved market sentiment today also seems to be helping the risk-related S&P 500 Technology and Communication Services indexes, which were up 1.2% and 0.8%, respectively, at the time of press.

On the other hand, the defensive Real Estate and Utilities indexes are posting losses in the early trade to reaffirm the upbeat sentiment.

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