US open: Stocks mixed on bull market anniversary

Wall Street stocks were mixed at the opening bell on Tuesday, twelve months to the day that the Covid-19 pandemic bull market began as stocks tumbled 30% at the fastest pace in history.

As of 1530 GMT, the Dow Jones Industrial Average was down 0.07% at 32,708.19, while the S&P 500 was 0.14% firmer at 3,946.19 and the Nasdaq Composite started out the session 0.02% stronger at 13,379.72.

The Dow opened 23.01 points lower on Tuesday, cutting into yesterday's gains.

Tuesday's early moves came as the yield on the benchmark 10-year Treasury note continuing to retreat after hitting a 14-month high last week, currently sitting at around 1.65%.

In terms of Covid-19 headlines, a US health agency expressed concern that AstraZeneca may have been operating on outdated drug information in its coronavirus vaccine trial results. However, the firm defended its data.

Rising numbers of new coronavirus cases across the US also put somewhat of a dampener on sentiment early in the session.

On the macro front, new home sales in the US dropped more than expected in February as a result of violently cold weather in parts of the country, according to the Commerce Department, which said new home sales plunged 18.2% to a seasonally adjusted annual rate of 775,000 units last month, while January's sales pace was revised up to 948,000 units from the previous print of 923,000.

Elsewhere, Federal Reserve heads James Bullard, Raphael Bostic, Tom Barkin and Lael Brainard will deliver speeches throughout the day, while chairman Jerome Powell and Treasury Secretary Janet Yellen will both testify in front of the House Committee on Financial Services at 1600 GMT.

In the corporate space, Adobe and the much-talked-about GameStop will update on recent trading after the close.