US open: Stocks mixed as rising yields keep pressure on markets

(Sharecast News) - Wall Street trading got off to a mixed start on Tuesday following another weak session driven by rising Treasury yields.

As of 1515 BST, the Dow Jones Industrial Average was down 0.16% at 51,399.93, while the S&P 500 ticked up 0.01% to 7,684.08 and the Nasdaq Composite came out of the gate 0.04% firmer at 26,829.86.

The Dow opened 81.58 points lower on Tuesday, taking a bite out of gains recorded in the previous session.

Yields continued to move higher at the open on Tuesday amid ongoing concerns that stubborn inflation could force further tightening from the Federal Reserve. The benchmark 10year Treasury note was up a little over one basis point at 5.255%, while the 30year note, which is typically linked to geopolitical developments, was around two and a half basis points higher at 5.577%, keeping both near multiyear highs and maintaining pressure on equities.

However, somewhat offsetting investor worries surrounding yields, international benchmark Brent crude was down 1.19% at $104.03 per barrel, while West Texas Intermediate was 1.63% lower at $91.09 a barrel.

On the macro front, US home price growth picked up in July, with the S&P Cotality CaseShiller national home price index rising 1.9% yearonyear, up from 1.6% in June, although values continued to fall in real terms for a 14th straight month as inflation ran at 3.4%. The release highlighted a sharp regional split, with an almost ninepoint gap between the strongest market, Chicago, up 6.9%, and the weakest, Seattle, down 1.6%. New York and Cleveland followed with gains of 5.8% and 4.2%, respectively. S&P DJI also noted ongoing data delays in Detroit, meaning no valid July update was available.

Elsewhere, US consumer confidence weakened in September, according to the Conference Board, with both assessments of current conditions and expectations for the months ahead deteriorating. The headline consumer confidence index fell 6.7 points to 81.9, down from 88.6 in August, while the present situation index, which tracks views on business and labour market conditions, dropped 7.9 points to 109.3, and the expectations index slid 5.9 points to 63.6, marking a third straight monthly decline.

Still on data, US job openings were little changed in August, according to the latest JOLTS report from the Bureau of Labor Statistics, holding at 7.1m, with hires and separations also broadly steady. Hires came in at 5.2m, while total separations were unchanged at 5.1m. Within separations, quits held at 3.1m and layoffs and discharges at 1.6m, pointing to continued labour market stability. The jobopenings rate was 4.3%, with little movement across industries.

In the corporate space, chipmaker AMD announced that it was acquiring AI business World Labs for $8.2bn, while Reuters rported that Anthropic's much anticipated initial public offering prospectus warned that its AI models posed a "catastrophic or existential risk to humanity".

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Boeing Co. (BA) $189.68 2.87%

Caterpillar Inc. (CAT) $828.13 1.00%

Amgen Inc. (AMGN) $418.55 0.62%

McDonald's Corp. (MCD) $234.69 0.60%

International Business Machines Corporation (CDI) (IBM) $221.62 0.35%

3M Co. (MMM) $170.00 0.31%

Microsoft Corp. (MSFT) $504.23 0.15%

Walmart Inc. (WMT) $0.00 0.00%

Dowdupont Inc. (DWDP) $0.00 0.00%

Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%

Dow Jones - Fallers

Apple Inc. (AAPL) $333.14 -2.75%

Intel Corp. (INTC) $116.51 -1.49%

Nike Inc. (NKE) $35.94 -1.31%

Dow Chemical Co. (DOW) $27.55 -1.06%

Johnson & Johnson (JNJ) $269.26 -0.85%

Chevron Corp. (CVX) $204.64 -0.84%

Unitedhealth Group Inc. (UNH) $375.54 -0.81%

Procter & Gamble Co. (PG) $148.23 -0.54%

Goldman Sachs Group Inc. (GS) $912.64 -0.40%

Salesforce.Com Inc. (CRM) $226.08 -0.35%

S&P 500 - Risers

Carnival Corp. (CCL) $24.76 11.59%

Carmax Inc. (KMX) $61.50 8.31%

Royal Caribbean Cr (RCL) $257.25 6.10%

KLA-Tencor Corp. (KLAC) $196.25 5.01%

Corning Inc. (GLW) $158.82 4.70%

Norwegian Cruise Line Holdings Ltd (NCLH) $14.96 4.65%

Applied Materials Inc. (AMAT) $505.41 4.50%

Nektar Therapeutics (NKTR) $59.49 3.70%

Illumina Inc. (ILMN) $274.18 3.55%

Stanley Black & Decker Inc. (SWK) $91.40 3.27%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Akamai Technologies Inc. (AKAM) $107.57 -5.65%

Equity Residential (EQR) $63.66 -3.50%

Equifax Inc. (EFX) $139.99 -3.46%

Mattel Inc. (MAT) $13.27 -3.21%

Schlumberger Ltd. (SLB) $50.05 -2.80%

Apple Inc. (AAPL) $333.14 -2.75%

VeriSign Inc. (VRSN) $275.69 -2.48%

National Oilwell Varco Inc. (NOV) $19.03 -2.38%

FMC Technologies Inc. (FTI) $68.97 -2.33%

Nasdaq 100 - Risers

KLA-Tencor Corp. (KLAC) $196.65 5.01%

Applied Materials Inc. (AMAT) $505.75 4.50%

Illumina Inc. (ILMN) $274.23 3.55%

Analog Devices Inc. (ADI) $404.12 2.89%

Asml Holdings N.V. (ASML) $1,812.68 2.86%

Lam Research Corp. (LRCX) $325.34 2.67%

Microchip Technology Inc. (MCHP) $79.63 2.48%

Marriott International - Class A (MAR) $359.70 2.36%

Adobe Systems Inc. (ADBE) $231.02 2.29%

J.B. Hunt Transport Services Inc. (JBHT) $229.61 2.23%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Tesla Inc (TSLA) $352.35 -3.48%

Apple Inc. (AAPL) $332.85 -2.75%

Trip.com Group Limited (TCOM) $38.87 -2.48%

Regeneron Pharmaceuticals Inc. (REGN) $744.38 -2.23%

Vodafone Group Plc ADS (VOD) $16.41 -2.09%

Synopsys Inc. (SNPS) $414.08 -1.93%

Intel Corp. (INTC) $116.37 -1.55%

JD.com, Inc. (JD) $26.18 -1.41%

Gen Digital Inc. (GEN) $20.58 -1.26%