Wall Street opens lower as oil, bond yields move up
The Dow, S&P and Nasdaq are all down at the opening bell
Wall Street indices, including the Dow, S&P, and Nasdaq, opened lower on Wednesday as investors reacted to rising crude prices and government bond yields. The market awaited outcomes from negotiations to conclude the Middle East conflict alongside a significant US-China summit. The Dow Jones Industrial Average dropped 92.3 points, or 0.18%, to 51,771.41.
The S&P 500 decreased by 2.7 points, or 0.03%, to 7,761.94. The Nasdaq Composite fell 30.8 points, or 0.11%, to 27,213.519 at the opening bell. Brent crude prices surged more than 1% after five consecutive sessions of decline, even though they remained close to a two-week low. Yields on two-year and 10-year US government bonds also increased, amplifying concerns about sustained higher borrowing costs.
Analyst Sam Stovall of CFRA Research noted that the market was currently in a state of uncertainty due to the upward trend in bond yields and oil prices.
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