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Wall Street opens modestly lower on Wednesday dragged by financials

Major equity indexes in the United States opened the day in the negative territory on Wednesday with the risk sentiment turning sour, once again. As of writing, the Dow Jones Industrial Average was down 0.5% on the day while the S&P 500 was losing 0.35% and the Nasdaq Composite was virtually flat. The CBOE Volatility Index, Wall Street’s fear gauge, was last up 5% on the day following yesterday’s sharp drop.

After staging a modest recovery, the 10-year T-bond yield lost nearly 2% today to weigh on the rate-sensitive Financials Index, which was last down around 1% on the day. Additionally, today’s data from the U.S. showed that industrial production contracted in April to cause the Industrials Index to lose nearly 1% in the early trade. On the other hand, the Communications Services and Real Estate are the only two sectors that are in the positive territory. 

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