US open: Dow turns positive for the week as index shrugs off Thursday's heavy losses

Wall Street stocks were in the green early on Friday, with the Dow Jones turning positive for the week despite having seen heavy losses a day earlier.

As of 1525 BST, the Dow Jones Industrial Average was up 1.18% at 34,826.44, while the S&P 500 was 0.83% firmer 4,356.64 and the Nasdaq Composite came out the gate 0.37% stronger at 14,613.39.

The Dow Jones opened 404.51 points higher on Friday, reversing losses recorded in the previous session amid fears regarding rising global Covid-19 cases and falling bond yields.

In focus at the bell was the yield on the benchmark 10-year Treasury note, rebounding five basis points to 1.34% and easing concerns regarding an economic slowdown in the process. Bank stocks regained much of yesterday's losses as a result of the upward move.

Amazon stock was in the red ahead of the announcement of a new executive order from Joe Biden aimed at the competitive practices of some of the tech sector's biggest players.

Reopening plats like Royal Caribbean, Wynn Resorts, American Airlines and United Airlines all flew about 2% higher in early trading.

On the macro front, wholesale inventories grew 1.3% to $709.8bn in May, slightly ahead of a preliminary print of 1.1%, according to the Census Bureau, April's reading was also upwardly revised from 0.8% to 1.1%.

No major corporate earnings were slated for release on Friday.