US open: Stocks in the green following heavy losses in previous session

Wall Street trading began on a positive note on Wednesday following the S&P 500's worst session in four months.

As of 1525 BST, the Dow Jones Industrial Average was up 0.49% at 34,467.11, while the S&P 500 was 0.58% stronger at 4,377.73 and the Nasdaq Composite came out the gate 0.66% firmer at 14,642.08.

The Dow opened 167.12 points higher on Wednesday, clawing back some of the losses recorded yesterday as the yield on the benchmark 10-year Treasury note peaked at around 1.56%.

On Wednesday, the 10-year note slipped roughly two basis to 1.502%, while the 30-year Treasury note fell to around 2.048%.

Tech stocks, which took a beating amid the rising yields, were higher in early trading, with Netflix, Facebook, Amazon, Apple and Alphabet all in the green at the open.

The US debt ceiling debate in the capital also weighed on stocks, with Treasury Secretary Janet Yellen telling House Speaker Nancy Pelosi that Congress had until 18 October to hike or suspend the debt ceiling, warnings that failure to do so would have dire consequences for the US economy.

On the macro front, mortgage application volume fell 1.1% in the week ended 24 September following a rebound in the previous week, according to the Mortgage Bankers Association. The principal reason for the decline was the purchase index, which dipped 1.2% week-on-week, while refinancing activity decreased 0.9% from the prior week.

Elsewhere, pending home sales rose in August, up 8.1% month-on-month, according to the National Association of Realtors, outpacing the expected 1.3% increase in sales and reversing two straight months of declines.

Still to come, Fed chairman Jerome Powell will appear at an ECB forum on central banking at 1545 BST.

No major corporate earnings were slated for release on Wednesday.