S&P 500 Index opens modestly lower, holds above 3,900
|- Major equity indexes trade little changed on Thursday.
- Financial shares continue to post strong gains on the back of rising T-bond yields.
- S&P 500 Technology Index underperforms after the opening bell.
Wall Street's main indexes opened little changed on Thursday and seem to be struggling to build on Wednesday's impressive gains. As of writing, the Dow Jones Industrial Average was unchanged on the day at 31,945, the S&P 500 Index was down 0.12% at 3,920 and the Nasdaq Composite was losing 0.28% at 13,268.
Among the 11 major S&P 500 sectors, the Financials Index is rising 0.5% as the top performer fueled by a 5% increase in the benchmark 10-year US Treasury bond yield. On the other hand, the Technology Index is losing 0.45%.
Earlier in the day, the data from the US showed that the Real Gross Domestic Product (GDP) grew at an annual rate of 4.1% in the fourth quarter and the weekly Initial Jobless Claims fell to 730K from 841K. Nevertheless, these readings don't seem to be providing a boost to risk sentiment.
S&P 500 chart (daily)
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