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Wall Street to open flat on rising U.S. yields, North Korea worries

Reuters 

By Medha Singh

(Reuters) - Wall Street was set to open little changed on Wednesday as investors assessed the impact of a surge in bond yields, while growing doubts about the U.S.-summit also weighed.

threw next month's summit between and into doubt, threatening weeks of diplomatic progress by saying it may reconsider if insists it unilaterally gives up its nuclear weapons.

The country's threat to cancel the June 12 summit in adds to the jitters in the market, which is already dealing with China-U.S. trade tensions and concerns.

The and the recorded their biggest one-day percentage drop in three weeks on Tuesday after strong stoked worries.

"Traders are looking for some stability coming off of the sharp decline yesterday," said Andre Bakhos, at in Bernardsville,

"(They are) looking for a little more visibility coming from the trade front with even as concern over keeps rearing its head."

At 8:47 a.m. ET, Dow were down 19 points, or 0.08 percent. were down 1.75 points, or 0.06 percent and 100 were down 2.25 points, or 0.03 percent.

The U.S. 10-year Treasury yield spiked above the key 3 percent level to its highest since July 2011 on Tuesday after the It was last at 3.0613 percent.

Federal funds futures implied that traders saw a 54 percent chance that the would raise rates for a fourth time by year-end.

6.9 percent jump after reporting a much better-than-expected rise in same-store sales in the first quarter, helped shares of other retailers. J. C. Penney, and were all up more than 2.5 percent to 3.5 percent.

rose 2.1 percent in premarket trading after began coverage with "outperform" rating, while gained 1.7 percent after a rating upgrade at Susquehanna.

(Reporting by in Bengaluru; Editing by Anil D'Silva)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 16 2018. 18:43 IST
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