US open: Stocks mixed as investors await Biden's infrastructure plan

Wall Street trading was mixed early on Wednesday as investors awaited more details about Joe Biden's infrastructure spending plan.

As of 1530 BST, the Dow Jones Industrial Average was down 0.08% at 33,039.47, while the S&P 500 was 0.45% firmer at 3,976.31 and the Nasdaq Composite started off the session 1.56% stronger at 13,248.45.

The Dow opened 27.49 points lower on Wednesday, extending losses recorded in the prior session.

Market participants were still holding out for the unveiling of Biden's more than $2.0trn package in infrastructure spending, a plan which could potentially see the president raise the corporate tax rate to 28% in order to fund it within 15 years.

Still elevated bond yields weighed on sentiment again in the morning session, with the yield on the benchmark 10-year Treasury note hitting a fresh 14-month high of 1.77% amid the continued success of the Covid-19 vaccine rollout and expectations of a broad economic recovery before dipping back to 1.71% later in the morning.

On the macro front, higher mortgage rates led to a 2.2% drop in mortgage application volume last week, according to the Mortgage Bankers Association.

Elsewhere, private sector employment grew by 517,000 jobs in March, according to the ADP's national employment report, the strongest gain seen since September. Job growth in the service sector significantly outpaced its recent monthly average, led by notable increases in the leisure and hospitality industry.

Still on data, the Institute of Supply Management's Chicago purchasing managers' index improved sharply in March to a print of 66.3, up from 59.5 in February and better than the market expectation of 60.7.

Lastly, pending home sales fell the most had in almost a year in February, with rising home prices and a dearth of available properties deterring buyers. According to the National Association of Realtors' index, pending home sales decreased 10.6% month-on-month to 110.3, the lowest reading since May, a much sharper drop than the 3% expected by economists.

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $55.96 5.62%
Apple Inc. (AAPL) $122.72 2.35%
Boeing Co. (BA) $256.28 1.69%
Microsoft Corp. (MSFT) $234.67 1.22%
Salesforce.Com Inc. (CRM) $211.51 0.72%
Home Depot Inc. (HD) $306.66 0.60%
Procter & Gamble Co. (PG) $136.07 0.46%
Walmart Inc. (WMT) $136.31 0.42%
McDonald's Corp. (MCD) $225.71 0.32%
Visa Inc. (V) $212.18 0.13%