Wall Street wavers after yesterday's rally

Following the biggest rally in two weeks, U.S. stocks are fluctuating during the first trading hours of the day. 

The Dow was down 40.41 points, or 0.2%, at 20,659.59, the S&P 500 was up 2.5 points, or 0.11% percent, at 2,354.00 and the Nasdaq composite was up 7.712 points, or 0.13%, at 5,882.86. According to Bloomberg, “Trump and markets are moving on, with the help of better U.S. data,” Societe Generale SA strategist Ciaran O’Hagan said referring to the recent increase in risk appetite.

The latest data from the United States showed that Pending Home Sales Index, based on contracts signed last month, increased to its highest level since April with a 5.5% gain to 112.3. Earlier during the session, Chicago Fed President Charles Evans in a conference in Frankfurt reiterated his view on one or two more hikes this year while adding that inflation could go up to 2.5% for a time and that would still be consistent with Fed's 2% goal.

Next in line are speeches by Boston Fed E.Rosengren (2019 voter, dovish) and San Francisco Fed J.Williams (2018 voter, centrist).

European shares also fluctuated on Wednesday after Britain formally triggered its exit from the European Union. After dropping as much as 0.3% on the day, the FTSE was able to recover the losses and was up 0.13% as of writing.