US open: Stocks slip as Treasury yields and oil move higher

Rising oil prices and elevated bond yields were weighing on US stock futures on Wednesday as the deadly conflict in Gaza escalated with the bombing of a hospital in Gaza the night before.

"News of a hospital strike in Gaza has become the central focus for now, leading to calls from Iran to initiate a day of rage in response to the attack, which they claim was from Israel," said James Harte of Tickmill Group.

"With Israel claiming the attack was a misfired rocket from Hamas, uncertainty continues to build as Biden touches down to hold televised talks with Netanyahu."

As of 1506 BST, the Dow Jones Industrials was down by 0.31% to 33,890.59, alongside a 0.38% drop for the S&P 500 to 4,356.81, while the Nasdaq Composite was off by 0.45% at 13,473.50.

In the background, the yield on the benchmark 10-year U.S. Treasury note was trading up by three basis points to 4.857%.

Gold futures were also higher, adding 1.73% to $1,969.20/oz..

The bombing of the hospital, which was believed to have resulted in hundreds of dead and wounded, was initially attributed by officials in Gaza to Israel.

But Israeli military published evidence it said showed the strike had been launched by Islamic Jihad terrorists.

A top advisor to Tel Aviv reportedly also explained that it was a fairly common occurrence for missiles launched from Gaza to fall short and land in the strip itself.

Regardless, the initial headlines and outcry sufficed for Jordanian authorities to cancel a summit with U.S. President Joe Biden and Egyptian and Palestinian Authority leaders, disrupting diplomacy in a chain of events reminiscent of the 2022 'Passover Massacre'.

Shares of Procter Gamble were climbing 3% on the back of its latest results, but those of Morgan Stanley fell 6% despite the lender having beat analysts' estimates.

Results from Netflix and Tesla were due after the closing bell later on.

Dow Jones - Risers

Procter & Gamble Co. (PG) $150.13 2.65%
Travelers Company Inc. (TRV) $171.44 1.23%
McDonald's Corp. (MCD) $254.14 1.19%
Boeing Co. (BA) $187.26 0.89%
Unitedhealth Group Inc. (UNH) $541.35 0.88%
Microsoft Corp. (MSFT) $334.91 0.86%
Chevron Corp. (CVX) $168.84 0.74%
Walmart Inc. (WMT) $162.04 0.38%
Nike Inc. (NKE) $103.14 0.13%
Coca-Cola Co. (KO) $54.07 0.00%

Dow Jones - Fallers

Caterpillar Inc. (CAT) $261.13 -4.23%
Walgreens Boots Alliance, Inc. (WBA) $22.46 -1.71%
Home Depot Inc. (HD) $291.61 -1.46%
American Express Co. (AXP) $152.14 -1.46%
Goldman Sachs Group Inc. (GS) $304.90 -1.44%
3M Co. (MMM) $89.28 -1.40%
Johnson & Johnson (JNJ) $153.99 -1.35%
Intel Corp. (INTC) $35.63 -1.19%
Visa Inc. (V) $238.47 -1.13%
Salesforce.Com Inc. (CRM) $207.90 -0.92%

S&P 500 - Risers

Nasdaq Inc (NDAQ) $52.28 4.71%
Abbott Laboratories (ABT) $95.20 3.32%
Procter & Gamble Co. (PG) $150.13 2.65%
State Street Corp. (STT) $68.68 2.11%
Dxc Technology Company (DXC) $21.30 1.96%
Elevance Health Inc. (ELV) $473.43 1.66%
Resmed Inc. (RMD) $144.13 1.61%
Occidental Petroleum Corp. (OXY) $66.51 1.50%
Church Dwight Co Inc. (CHD) $90.45 1.49%
Pioneer Natural Resources Co. (PXD) $255.34 1.39%

S&P 500 - Fallers

United Airlines Holdings Inc (UAL) $36.91 -8.00%
Albemarle Corp. (ALB) $156.81 -7.48%
J.B. Hunt Transport Services Inc. (JBHT) $183.99 -6.13%
Morgan Stanley (MS) $75.42 -6.11%
Northern Trust Corp. (NTRS) $66.72 -5.50%
Alaska Air Group Inc. (ALK) $32.65 -5.22%
American Airlines Group (AAL) $11.33 -5.12%
Carnival Corp. (CCL) $11.94 -4.48%
Delta Airlines Inc. (DAL) $33.15 -4.41%
Caterpillar Inc. (CAT) $261.13 -4.23%

Nasdaq 100 - Risers

Adobe Systems Inc. (ADBE) $565.54 0.97%
Microsoft Corp. (MSFT) $334.91 0.86%
Mondelez International Inc. (MDLZ) $64.06 0.81%
Kraft Heinz Co. (KHC) $31.75 0.76%
NetEase Inc. Ads (NTES) $104.55 0.75%
Intuitive Surgical Inc. (ISRG) $277.01 0.59%
Cadence Design Systems Inc. (CDNS) $251.00 0.39%
Alphabet Inc. Class C (GOOG) $141.51 0.37%
Broadcom Inc. (AVGO) $887.60 0.36%
Monster Beverage Corp (MNST) $49.96 0.34%

Nasdaq 100 - Fallers

J.B. Hunt Transport Services Inc. (JBHT) $183.99 -6.13%
American Airlines Group (AAL) $11.33 -5.12%
Asml Holdings N.V. (ASML) $580.57 -4.61%
Illumina Inc. (ILMN) $127.15 -3.58%
Qurate Retail Inc. (QRTEA) $0.55 -3.58%
Baidu Inc. (BIDU) $116.39 -2.81%
Nvidia Corp. (NVDA) $427.33 -2.74%
Microchip Technology Inc. (MCHP) $76.98 -2.45%
JD.com, Inc. (JD) $26.05 -2.27%
KLA-Tencor Corp. (KLAC) $475.47 -2.24%