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Major market averages opened up Wednesday’s trading session lower with tech stocks under pressure.
Early on and the Nasdaq Composite (COMP.IND) lost 0.6%, the S&P 500 (SP500) fell 0.4%, and the Dow (DJI) declined by 0.5%.
China hit back on U.S. chip curbs on Tuesday, saying it would curb exports of gallium and germanium, both used in chipmaking.
Info Tech (XLK) tarted trading lower, while the chip ETFs (SMH) (SOXX) were also down.
The 10-year Treasury yield (US10Y) rose 1 basis point to 3.87%. The 2-year yield (US2Y) fell 1 basis point to 4.90%.
“Data releases will now dominate over the next couple of days, with the jobs report on Friday, as well as tomorrow’s ISM services index and the weekly jobless claims,” Deutsche Bank’s Jim Reid said. “The remainder of the services (and composite) PMIs around the world today will also be important.”
May factory orders arrive shortly with economists expecting a 0.8% rise for the month.
This afternoon the latest Fed minutes hit.
“The June Federal Reserve meeting minutes cover discussion where Fed factions may have done a deal to pause for now, but hike in the future,” UBS’ Donovan said. “The minutes may tell us more about internal politics at the Fed than the state of the US economy. We also hear from Fed President Williams, a voice of economic authority.”
