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U.S. stocks in the red; Nasdaq down ~0.5%
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STOXX 600 down ~0.2%
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Core euro zone CPI edges up in March
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Dollar flat; gold, crude, bitcoin down
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U.S. 10-year Treasury yield edges up to ~3.61%
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WALL STREET SHARES OPEN ON THE DEFENSIVE (1021 EDT/1321 GMT) Shares on Wall Street are in the red early on Wednesday, pressured by the rise in Treasury yields on expectations the Federal Reserve will keep rates higher for longer. The Fed meeting is in two weeks and a 25 basis-point hike has been baked in. There is speculation as well that the Fed could also hike in June. Mixed earnings so far are also weighing on the market led by banks. Morgan Stanley reported a fall in quarterly profit, a day after rival Goldman Sachs Group Inc GS.N posted a 19% drop in profit on hit to dealmaking and losses from the sale of some assets in its consumer business.
The communications services sector leads all
decliners on the S&P.
Brian Reynolds, chief market strategist, at Reynolds
Strategy, suggests in a research note though to buy market
declines. He points out that "cities and states have bulging
cash positions that they are allocating to their pensions."
On the other side, he recommends selling stock market
rallies, given the debt ceiling situation and uncertain outlook
on bank deposits.
Here's an early market snapshot
(Gertrude Chavez-Dreyfuss)
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(Reporting by Gertrude Chavez-Dreyfuss)
