US open: Stocks reverse Tuesday's losses as Treasury yields remain in focus

dl wall street wall st new york city new york stock exchange nyse dow jones nasdaq street sign nyc united states usa america pb — Sharecast / Alessandro D Andrea via Pixabay

Wall Street futures were in the green ahead of the bell on Wednesday as Treasury yields remained in focus.

As of 1530 BST, the Dow Jones Industrial Average was up 0.66% at 32,606.59, while the S&P 500 advanced 0.97% to 4,009.84 and the Nasdaq Composite came out the gate 1.21% firmer at 11,857.97.

The Dow opened 212.34 points higher on Wednesday, easily reversing losses recorded in the previous session as recession fears returned to the forefront.

Wednesday's focus was centred on Treasury yields early on, with the benchmark 10-year note yield trading slightly higher at 3.593% and its two-year counterpart edging up to 4.093% - just 24 hours after elevated Treasuries weighed on the broader stock market.

On the macro front, mortgage applications rose 2.9% in the week ended 24 March, according to the Mortgage Bankers Association of America, a fourth consecutive week of increases and the longest winning streak in four years. Applications to refinance a home loan rose 4.8%, while applications to purchase a home loan increased 2%.

On another note, pending home sales slumped 21.1% year-on-year in February, according to the National Association of Realtors, following a 24.1% dive in January and marking the 21st consecutive monthly decline.

Elsewhere, Federal Reserve vice chair of supervision Michael Barr will address the House Financial Services Committee to discuss the central bank's response to recent bank failures.

In the corporate space, Lululemon shares surged more than 14% in early trade after the retailer beat adjusted earnings and revenue estimates, while shares in chipmaker Micron traded more than 6% higher on the back of better-than-expected second-quarter numbers.

Also in focus, a report from the US Senate alleged recently overtaken Swiss lender Credit Suisse had abetted in tax evasion.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $30.40 3.77%
Nike Inc. (NKE) $119.86 1.68%
Microsoft Corp. (MSFT) $279.57 1.58%
American Express Co. (AXP) $161.70 1.56%
Travelers Company Inc. (TRV) $168.10 1.34%
Apple Inc. (AAPL) $159.75 1.33%
Salesforce.Com Inc. (CRM) $194.66 1.23%
Walt Disney Co. (DIS) $95.93 1.17%
Caterpillar Inc. (CAT) $222.55 1.09%
Boeing Co. (BA) $206.77 0.88%