S&P 500 Index fails to build on Tuesday's rebound, opens modestly lower
- Wall Street's main indexes trade in the negative territory.
- Financials shares post strong gains on surging T-bond yields.
- Technology shares underperform after the opening bell on Wednesday.
Wall Street's main indexes staged a decisive rebound in the second half of the session on Tuesday but struggled to carry the momentum into Wednesday. As of writing, the S&P 500 Index was down 0.1% on the day at 3,877, the Dow Jones Industrial Average was posting small losses at 31,351 and the Nasdaq Composite was losing 0.38% at 13,413.
Among the 11 major S&P 500 sectors, the Financials Index is up 0.7% as the top-performer after the opening bell supported by a more-than-6% increase in the benchmark 10-year US Treasury bond yield. The Energy Index is also posting strong gains on the back of a 2% rise in crude oil prices.
On the other hand, the Technology and the Communication Services indexes both lose around 1% in the early trade and weighing on tech-sensitive Nasdaq.
S&P 500 chart (daily)
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
