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Major market averages opened Tuesday’s trading session slightly lower as Treasury yields pushed higher.
Early on and the S&P 500 (SP500) was -0.1%, the Dow (DJI) lost 0.1% and the Nasdaq Composite (COMP.IND) dipped 0.1%.
Stocks in China, which weighed on risk sentiment on Monday, bounced back on hopes of a change to the zero-COVID policy.
But 22V Research’s China analyst Michael Hirson said “it is likely overly optimistic to think (1) protests will lead China to loosen Covid restrictions in the near-term; and (2) that this would bring relief to the economy.”
Rates are higher early on. The 10-year Treasury yield (US10Y) was up 3 basis point to 3.73% and the 2-year yield (US2Y) was up 1 basis points to 4.47%.
Among the 11 S&P sectors five have tracked higher led by the Energy segment. In reverse Utilities have suffered the most.
In the crypto space, bitcoin was higher following a drop sparked by the bankruptcy of BlockFi.
On the economic front, the October S&P/CS house price index declined by 1.2% which was in line with expectations.
The November Conference Board consumer confidence measure slipped in November to 100.2.
Among active stocks, AZEK is slumping following soft guidance.
