Wall Street returned from a long weekend a little worse for wear, with stocks lower shortly after the opening bell.
A decline would be the US market’s first in seven sessions, with the S&P 500 closing higher for six consecutive sessions to February 16 and notching its biggest weekly gain in five years.
US stock and bond markets were shut on Monday for the Presidents Day holiday. Stocks elsewhere in the world were lower on Monday and looked patchy on Tuesday.
The S&P 500 was down 0.1 per cent at 2,729.87 within the first half hour of trading. The Dow Jones Industrial Average was off 0.3 per cent at 24,145.28, while the Nasdaq Composite bucked the trend with a 0.3 per cent rise to 7,257.802.
The yield on the benchmark 10-year US Treasury was around a four-year high, up 2.3 basis points at 2.9005 per cents a few hours out from three- and six-month T-bill and 2-year Treasury auctions that will probably be closely watched. Yields move in the opposite direction to bond prices.
The dollar index, a measure of the US currency against a weighted basket of global peers, was up 0.5 per cent to 89.572.
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