- Energy Index rises on Thursday supported by recovering crude oil prices.
- Falling US Treasury bond yields weigh on financial shares.
Wall Street’s main indexes started the day with small losses on Thursday as investors stay on the sidelines while waiting for fresh developments surrounding the United States (US)-China trade dispute. As of writing, the Dow Jones Industrial Average and the S&P 500 were both down 0.05% on the day while the Nasdaq Composite was erasing 0.17%.
Among the 11 major S&P 500 sectors, the Energy Index is up 0.4% to lead the winners supported by rising crude oil prices. On the other hand, with the 10-year US Treasury bond yield falling more than 2% for the second straight day, the Financials Index is down 0.2% while the risk-sensitive Technology ındex is erasing 0.4%.
Markets will be watching Jerome Powell’s, Chair of the Board of Governors of the Federal Reserve System, testimony before the US House Budget Committee but he is expected to deliver nearly identical remarks to the ones he delivered to the Joint Economic Committee of Congress on Wednesday.
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