US open: Mixed start to trading with Treasury yields still in focus
Stocks opened on a mixed note on Wednesday with trade fears and a flashing recession indicator in focus.
As of 1510 BST, the Dow Jones Industrial Average was up 0.14% at 25,812.71 and the S&P 500 was ahead 0.16% at 2,873.87. The Nasdaq Composite opened 0.04% lower at 7,823.92.
The Dow opened 34.81 points firmer on Wednesday after closing lower on Tuesday as Washington's trade war with Beijing weighed on investor sentiment.
Futures initially had stocks opening markedly lower after the closely watched spread between the 10-year Treasury yield and the 2-year rate fell to minus six basis points early in the morning - extending losses from the previous session which saw the spread record its lowest level in a dozen years.
A 10-year rate below the 2-year yield is generally considered to be an important recession prognosticator by fixed income traders.
Trade fears were also in the spotlight, with the White House set to impose its first stage of tariffs on $300bn-worth of Chinese goods on Sunday. Beijing was scheduled to retaliate with its own tariffs on the same day.
On the corporate front, makeup and fragrance company Coty saw shares gain 4.89% in early trade despite reporting a wider quarterly loss as a result of a $3bn writedown in the value of its consumer beauty brands, while Tiffany & Co shares advanced 1.42% on the back of its own numbers.
Californian cloud content management firm and file sharing service Box will post results after the close.
There were no major data points scheduled for release, although Richmond Fed chief Thomas Barkin and San Francisco Fed boss Mary Daly were scheduled to take to the podium later in the day.