US stocks little changed as Treasury yields pull back
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Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: AFP
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NEW YORK - Wall Street stocks ended the day without major movement Wednesday as investors eye upcoming business earnings and retreating Treasury yields.
The Dow Jones Industrial Average edged down 0.1 per cent to finish at 34,112.80.
The broad-based S&P 500 climbed 0.1 per cent to 4,382.80, while the tech-rich Nasdaq Composite Index ticked up 0.1 per cent to 13,650.41.
There is a “growing sense that the market is due for a pullback after multi-session winning streak,” said a note by Briefing.com, adding that traders are also monitoring price action in Treasuries.
While the yield on the two-year Treasury note rose to 4.9 per cent, that of the 10-year note tumbled to 4.5 per cent on Wednesday afternoon.
The Treasury note yields are closely watched as a benchmark on interest rates.
“The market had a significant bounce last week. This is a week where we are looking for new catalysts to build on that gain or to retrace some of that gain, and we really had neither,” said Mr Art Hogan, of B Riley Wealth Management.
While lower energy prices and retreating yields are both positive developments, neither were enough of a catalyst to move markets significantly, he added.
Looking ahead, traders are eyeing earnings results by Disney after the bell, and key consumer inflation data early next week. AFP
