Wall Street opens in red as focus shifts to Consumer Confidence data
- Energy shares register strong recovery gains on Tuesday.
- Falling US Treasury bond yield weighs on financial shares.
Wall Street's main indexes started the day in the negative territory as investors seem to be taking their profits off the table on the last day of the month following Monday's rebound.
As of writing, the Dow Jones Industrial Average and the S&P 500 were down 0.55% on the day while the Nasdaq Composite was erasing 0.25%. Despite the recovery seen in the last week of the month, these three indexes are down 12.5%, 9.3% and 11.4%, respectively, in March.
Energy shares rebound on Tuesday
Among the 11 major S&P 500 sectors, the Energy Index is up nearly 3% and the Communication Services Index is flat on the day. Meanwhile, the Financials Index is down 1.6% pressured by a more-than-5% fall in the 10-year US Treasury bond yield. On the other hand, the Real Estate Index and the Utilities Index are down 2% as worst-performing sectors.
Later in the session, the Conference Board's Consumer Confidence Index will be looked upon for fresh clues regarding the impact of the coronavirus outbreak on the economy.
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.
