(Sharecast News) - Major indices were in the red at the opening bell on Wednesday as both Treasury yields and oil prices pushed higher.
As of 1520 BST, the Dow Jones Industrial Average was down 1.04% at 50,985.03, while the S&P 500 shed 0.64% to 7,768.76 and the Nasdaq Composite came out of the gate 0.80% softer at 27,378.60.
The Dow opened 536.25 points lower on Wednesday, more than erasing gains recorded in the previous session after a solid performance by chipmakers and easing bond yields buoyed sentiment.
However, stocks headed south early on Wednesday as the yield on the benchmark 10year Treasury note climbed around three and a half basis points to 5.324%, while the 30year rose just less than four basis points to 5.698%, extending the recent surge that has taken longdated borrowing costs to multiyear highs.
The 10-year note also hit a 24-year high of 5.356%, with Wednesday's early moves coming ahead of a planned auction by the Treasury, in which it intends to sell $39bn of 10-year notes.
Elsewhere, oil moved higher early on Wednesday, with West Texas Intermediate crude up 0.66% at $90.02 a barrel and Brent 1% higher at $101.59 a barrel, weighing on both sentiment and Treasury yields.
Wednesday's primary focus will likely be minutes from the Federal Reserve's latest two-day meeting, scheduled for release at 1900 BST, with traders hoping to gain further insight into the central bank's thinking regarding the future of monetary policy.
On the macro front, US mortgage applications fell 4.2% in the week ended 2 October, according to the Mortgage Bankers Association, marking a fifth straight decline and taking activity to its lowest level since January 2025. Applications to refinancing a mortgage, which are typically more sensitive to short-term interest rate changes, slid 7.5% on the week, while applications to purchase a home were 2.1% lower. The drop came as the 30year fixed mortgage rate jumped to 7.49%, its highest in nearly three years.
In the corporate space, iconic jeansmaker Levi Strauss will report earnings after the close.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Cisco Systems Inc. (CSCO) $117.26 3.33%
Amgen Inc. (AMGN) $415.09 3.22%
Johnson & Johnson (JNJ) $259.27 1.70%
Verizon Communications Inc. (VZ) $46.56 0.96%
Apple Inc. (AAPL) $335.41 0.75%
Merck & Co. Inc. (MRK) $143.06 0.64%
Coca-Cola Co. (KO) $86.57 0.44%
Procter & Gamble Co. (PG) $149.15 0.42%
Unitedhealth Group Inc. (UNH) $376.65 0.35%
Visa Inc. (V) $372.24 0.34%
Dow Jones - Fallers
Caterpillar Inc. (CAT) $820.66 -4.75%
Goldman Sachs Group Inc. (GS) $869.36 -2.87%
Intel Corp. (INTC) $113.73 -2.49%
Nike Inc. (NKE) $33.88 -1.92%
JP Morgan Chase & Co. (JPM) $326.48 -1.51%
3M Co. (MMM) $161.36 -1.31%
American Express Co. (AXP) $301.53 -1.19%
Boeing Co. (BA) $187.92 -1.13%
International Business Machines Corporation (CDI) (IBM) $220.45 -0.98%
Salesforce.Com Inc. (CRM) $223.40 -0.88%
S&P 500 - Risers
Tractor Supply Company (TSCO) $32.61 4.14%
Sba Communications Corp. (SBAC) $168.62 3.39%
Cisco Systems Inc. (CSCO) $117.31 3.33%
Amgen Inc. (AMGN) $414.83 3.22%
NetApp Inc. (NTAP) $234.57 2.76%
Lamb Weston Holdings, Inc. (LW) $49.30 2.57%
Gilead Sciences Inc. (GILD) $148.02 2.37%
HF Sinclair Corporation (DINO) $116.03 2.36%
Marathon Petroleum Corporation (MPC) $439.79 2.31%
Skyworks Solutions Inc. (SWKS) $84.56 2.26%
S&P 500 - Fallers
Illumina Inc. (ILMN) $263.30 -12.51%
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Allegion (ALLE) $144.76 -7.14%
Microchip Technology Inc. (MCHP) $77.36 -5.74%
Caterpillar Inc. (CAT) $820.49 -4.75%
Akamai Technologies Inc. (AKAM) $105.39 -4.70%
Seagate Technology Plc (STX) $792.05 -4.51%
Jefferies Financial Group Inc. (JEF) $43.43 -4.39%
KLA-Tencor Corp. (KLAC) $193.92 -4.39%
Western Digital Corp. (WDC) $402.50 -4.38%
Nasdaq 100 - Risers
Cisco Systems Inc. (CSCO) $117.31 3.33%
Amgen Inc. (AMGN) $414.83 3.22%
T-Mobile Us, Inc. (TMUS) $169.30 3.09%
Autodesk Inc. (ADSK) $229.55 2.40%
Gilead Sciences Inc. (GILD) $148.02 2.37%
Skyworks Solutions Inc. (SWKS) $84.56 2.26%
Regeneron Pharmaceuticals Inc. (REGN) $742.58 2.12%
Verisk Analytics Inc. (VRSK) $167.21 2.08%
Paychex Inc. (PAYX) $101.74 2.03%
NetEase Inc. Ads (NTES) $119.58 1.92%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $263.30 -13.58%
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Microchip Technology Inc. (MCHP) $77.36 -5.74%
Seagate Technology Plc (STX) $792.05 -4.51%
KLA-Tencor Corp. (KLAC) $193.92 -4.39%
Western Digital Corp. (WDC) $402.50 -4.38%
Adobe Systems Inc. (ADBE) $227.49 -4.22%
Lam Research Corp. (LRCX) $324.86 -4.18%
Texas Instruments Inc (TXN) $286.33 -3.87%
Analog Devices Inc. (ADI) $405.32 -3.50%
83.19 (0.79%)
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