Wall Street futures were in the green ahead of the bell on Wednesday as Treasury yields remained in focus.
As of 1530 BST, the Dow Jones Industrial Average was up 0.66% at 32,606.59, while the S&P 500 advanced 0.97% to 4,009.84 and the Nasdaq Composite came out the gate 1.21% firmer at 11,857.97.
The Dow opened 212.34 points higher on Wednesday, easily reversing losses recorded in the previous session as recession fears returned to the forefront.
Wednesday’s focus was centred on Treasury yields early on, with the benchmark 10-year note yield trading slightly higher at 3.593% and its two-year counterpart edging up to 4.093% – just 24 hours after elevated Treasuries weighed on the broader stock market.
On the macro front, mortgage applications rose 2.9% in the week ended 24 March, according to the Mortgage Bankers Association of America, a fourth consecutive week of increases and the longest winning streak in four years. Applications to refinance a home loan rose 4.8%, while applications to purchase a home loan increased 2%.
On another note, pending home sales slumped 21.1% year-on-year in February, according to the National Association of Realtors, following a 24.1% dive in January and marking the 21st consecutive monthly decline.
Elsewhere, Federal Reserve vice chair of supervision Michael Barr will address the House Financial Services Committee to discuss the central bank’s response to recent bank failures.
In the corporate space, Lululemon shares surged more than 14% in early trade after the retailer beat adjusted earnings and revenue estimates, while shares in chipmaker Micron traded more than 6% higher on the back of better-than-expected second-quarter numbers.
Also in focus, a report from the US Senate alleged recently overtaken Swiss lender Credit Suisse had abetted in tax evasion.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones – Risers
Intel Corp. (INTC) $30.40 3.77%
Nike Inc. (NKE) $119.86 1.68%
Microsoft Corp. (MSFT) $279.57 1.58%
American Express Co. (AXP) $161.70 1.56%
Travelers Company Inc. (TRV) $168.10 1.34%
Apple Inc. (AAPL) $159.75 1.33%
Salesforce.Com Inc. (CRM) $194.66 1.23%
Walt Disney Co. (DIS) $95.93 1.17%
Caterpillar Inc. (CAT) $222.55 1.09%
Boeing Co. (BA) $206.77 0.88%
Dow Jones – Fallers
Unitedhealth Group Inc. (UNH) $471.43 -0.24%
Walgreens Boots Alliance, Inc. (WBA) $33.78 -0.13%
Merck & Co. Inc. (MRK) $105.42 -0.11%
Dowdupont Inc. (DWDP) $0.00 0.00%
Procter & Gamble Co. (PG) $146.61 0.17%
International Business Machines Corporation (CDI) (IBM) $129.68 0.26%
JP Morgan Chase & Co. (JPM) $129.28 0.31%
Johnson & Johnson (JNJ) $152.33 0.34%
Amgen Inc. (AMGN) $239.34 0.36%
Goldman Sachs Group Inc. (GS) $319.98 0.48%
S&P 500 – Risers
Micron Technology Inc. (MU) $63.19 6.60%
Sl Green Realty Corp. (SLG) $21.74 5.38%
Cintas Corp. (CTAS) $465.82 5.00%
Carnival Corp. (CCL) $9.77 4.77%
Paychex Inc. (PAYX) $113.70 4.33%
Illumina Inc. (ILMN) $222.89 4.23%
Intel Corp. (INTC) $30.40 3.77%
Western Digital Corp. (WDC) $35.79 3.41%
CF Industries Holdings Inc. (CF) $72.61 3.33%
Seagate Technology Plc (STX) $62.38 3.23%
S&P 500 – Fallers
PVH Corp. (PVH) $85.84 -2.85%
Bath & Body Works, Inc. (BBWI) $37.10 -2.46%
Kohls Corp. (KSS) $21.39 -1.75%
Hanesbrands Inc. (HBI) $5.03 -1.37%
Ross Stores Inc. (ROST) $101.90 -1.20%
Medtronic Plc (MDT) $78.85 -0.83%
HF Sinclair Corporation (DINO) $49.39 -0.78%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $528.21 -0.67%
Charles Schwab Corp. (SCHW) $53.52 -0.61%
Arista Networks Inc. (ANET) $162.16 -0.52%
Nasdaq 100 – Risers
Micron Technology Inc. (MU) $63.19 6.60%
Cintas Corp. (CTAS) $465.82 5.00%
Paychex Inc. (PAYX) $113.70 4.33%
Illumina Inc. (ILMN) $222.89 4.23%
Intel Corp. (INTC) $30.40 3.77%
Western Digital Corp. (WDC) $35.79 3.41%
Seagate Technology Plc (STX) $62.38 3.23%
Lam Research Corp. (LRCX) $499.68 3.01%
KLA-Tencor Corp. (KLAC) $381.07 2.71%
QUALCOMM Inc. (QCOM) $124.56 2.65%
Nasdaq 100 – Fallers
NetEase Inc. Ads (NTES) $88.43 -2.49%
Baidu Inc. (BIDU) $156.94 -1.89%
Ross Stores Inc. (ROST) $101.90 -1.20%
JD.com, Inc. (JD) $41.19 -0.87%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $528.21 -0.67%
O’Reilly Automotive Inc. (ORLY) $826.49 -0.28%
Trip.com Group Limited (TCOM) $35.68 -0.20%
Vertex Pharmaceuticals Inc. (VRTX) $312.70 -0.18%
Walgreens Boots Alliance, Inc. (WBA) $33.78 -0.13%
Intuitive Surgical Inc. (ISRG) $249.49 0.00%
