BANGKOK — Wall Street is holding steadier after the bond market relaxed its vise a bit on the stock market. The S&P 500 was 0.3% higher early Wednesdady, coming off a 1.4% tumble that sent it to its lowest level in four months. The Dow added 54 points a day after wiping out its gains for the year. The Nasdaq composite was up 0.4%. Stocks have struggled since the end of July as Treasury yields soar to their highest levels in more than a decade.
And despite an announcement from Saudi Arabia on Wednesday that it would maintain production cuts through the end of the year, crude prices slid. In premarket trading Wednesday, egg producer Cal-Maine tumbled nearly 12% after it badly missed Wall Street's profit targets. Cal-Maine posted profit of just 2 cents per share in its first quarter, a far cry from the $2.57 per-share profit it enjoyed in the same period a year ago as egg prices soared.
Hong Kong's Hang Seng skidded 0.8% to 17,195.84. Troubled property developer China Evergrande was down 12.2% after plunging 28% on Tuesday.
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Stock market today: Wall Street steadies after selloff as a relaxing bond market offers some oxygenWall Street is holding steadier after the bond market relaxed its grip a bit on the stock market.
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Stock market today: Unrelenting rise in Treasury yields drags Wall Street lowerWall Street is sinking again under the weight of higher yields in the bond market.
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