US open: Mixed start to trading following yesterday's losses

Wall Street stocks were mixed at the bell on Wednesday as major indices looked for direction following yesterday's losses.

As of 1545 GMT, the Dow Jones Industrial Average was up 0.35% at 29,886.21 and the S&P 500 was 0.15% firmer at 3,615.03, while the Nasdaq Composite started out the session 0.16% weaker at 11,880.60.

The Dow opened 102.86 points higher on Wednesday, cutting into losses recorded in the previous session as optimism surrounding another potential Covid-19 vaccine from Moderna seemingly failed to last longer than a single session.

The Dow Jones looked set to pick up some gains again on Wednesday despite an ever-increasing number of new Covid-19 infection across the US, with the States' seven-day average surpassing 157,000 for the first time ever on Tuesday, according to Johns Hopkins University, another new record and almost 30% higher than infection levels a week ago.

Also in focus was Donald Trump's continued refusal to concede the US election after he fired Chris Krebs, director of the Cybersecurity and Infrastructure Security Agency, after he stated that there was no basis to the president's claims that the election has been rigged in any way.

"The recent statement by Chris Krebs on the security of the 2020 Election was highly inaccurate, in that there were massive improprieties and fraud," Trump said in a tweet that was flagged as being "disputed" by Twitter.

On the macro front, mortgage applications in the United States fell 0.3% in the week ended 13 November, according to the Mortgage Bankers Association, while `applications to refinance a home loan fell 1.8% and homebuyer mortgage applications rose 3.5%.

"Housing demand remains supported by the ongoing recovery in the job market, and an increased appetite from households seeking more space because of the pandemic,” said Joel Kan, the MBA's associate vice president of economic and industry forecasting.

Still on data, homebuilding increased more than expected last month, indicating that the housing market continued to be sustained by record low mortgage rates.

According to the Commerce Department, housing starts rose 4.9% to a seasonally adjusted annual rate of 1.53m units, while permits for future home building were unchanged at a rate of 1.545m.

Elsewhere, Federal Reserve presidents Charles Evans, John Williams and James Bullard will all deliver comments throughout the course of the day.

In corporate news, Target crushed estimates thanks to new shopper habits helping the group gain market share, while Lowe's revealed quarterly sales had increased 106%.

Boeing shares jumped more than 4% after the Federal Aviation Administration lifted its ban on its 737 Max following a 20-month grounding as a result of two deadly crashes, while Sonos, Nvidia and L Brands will report earnings after the close on Wednesday.