- The major Wall Street indices opened little changed on Friday.
- Tech stocks turn south as investors turn cautious ahead of the weekend.
- Financial stocks post strong gains on rising US Treasury yields.
The main US stock indices opened near Thursday’s closing levels as the risk rally appears to have lost steam amid the rally in U.S. Treasury yields At time of writing, the S&P 500 was flat at on the day at 4,097 points, the Dow Jones Industrial Average was up 0.25% at 33,592 and the Nasdaq Composite is losing 0.4% at 13,692.
Among the top 11 sectors in the S&P 500, the risk-sensitive technology index is down 0.45%, reflecting the market’s cautious attitude. On the other hand, the financial index has risen more than 0.7% supported by a rise of more than 3% in the benchmark yield on 10-year US Treasuries.
Hours earlier, data released by the US Bureau of Labor Statistics showed that the Leading Producer Price Index (PPI) rose to 3.1% in March to beat the market’s expectation of 2.7%. However, this report was largely ignored by market participants.
S&P 500 chart (daily)
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