Dow industrials attempt to bounce back after Tuesday's yield-driven selloff

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MARKET PULSE

U.S. stock benchmarks were trading higher early Wednesday, following the worst selloff for the S&P 500 in roughly four months, as surging bond yields spooked investors. The Dow Jones Industrial Average was trading 0.3% higher at 34,398, the S&P 500 index was gaining 0.4%, following its worst daily percentage decline since May 12. The Nasdaq Composite Index was trading 0.6% higher near the start of Wednesday’s action, at 14,827. Yields began their ascent last week, following a Federal Reserve meeting that indicated the central bank was ready to begin backing away from its accommodative policy put in place to help the economy cope with the pandemic. On Wednesday, the 10-year Treasury yield was edging back at around 1.52%. Bond prices move in the opposite direction of yields.

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