US stocks rise as bond yields tumble ahead of Fed minutes and job-opening data
- US stocks rebounded Wednesday in the first postive trading session of 2023.
- Investor concern in the previous session toward Apple and Tesla abated as both stocks climbed.
US stocks opened higher on Wednesday as investors turned their attention toward insight from the Federal Reserve's December meeting and job opening data.
Markets started off the new year on a turbulent note with major declines from investor favorites Apple and Tesla. Both recovered slightly from losses in the previous session as Wednesday trading got underway.
The latest Fed minutes will help investors gauge where the central bank will go next with interest rate hikes. Previous comments cautioned that rates may need to climb higher for longer despite declining year-over-year inflation.
The details of the last central bank meeting coupled with the job openings and turnover data could mark a fresh start for traders in the second trading session of 2023.
Key bond yields also slipped Wednesday, with the 10-year US Treasury note falling by 10 basis points. Treasuries rallied broadly, with the closely watched 2-year bond yield also falling. Bond yields fall as prices rise.
Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday:
- S&P 500: 3,837.34, up 0.35%
- Dow Jones Industrial Average: 33,211.29, up 0.23% (74.92 points)
- Nasdaq Composite: 10,425.85, up 0.37%
Here's what else is going on:
- Alan Greenspan forecasts a recession this year in his outlook for 2023.
- Cathie Wood's Ark continued its Tesla buying spree, snapping up another $19 million.
- US prosecutors are looking to secure $3 billion in lost FTX funds with a new task force.
In commodities, bonds, and crypto:
- Oil prices plunged, with West Texas Intermediate down 2.55% at $74.99 a barrel. Brent crude, the international benchmark, fell 2.47% to $80.09 a barrel.
- Gold climbed 1.11% to $1,860.02 per ounce.
- The 10-year Treasury yield fell 10 basis points to 3.683%.
- Bitcoin fell 0.08% to $16,816.34.