Stocks edge up as bond selloff takes a break: Stock market news today

Wall Street stocks edged up at Wednesday's open, as an accelerating bond rout took a breather and investors braced for the fallout from the historic ouster of the US House Speaker.The indexes suffered deeper losses earlier in the morning as US government bond yields climbed, with the 30-year Treasury yield -- US mortgage rates last week topped 7.5% for the first since November 2000 and applications for home purchases tumbled to a multi-decade low, illustrating a battered housing market.

-- A Bank of Canada official said there’s a risk firms will continue to raise prices more frequently and more sharply, complicating efforts to bring inflation back to 2%.Most Read from BloombergKey Taiwan Tech Firms Helping Huawei With China Chip PlantsWall Street Fear Gauge Ratchets Up After Jobs Data: Markets WrapWhy a US Recession Is Still Likely — and Coming SoonKevin McCarthy Ousted as US House Speaker by Republican DissidentsAirbnb Is Fundamentally Broken, Its CEO Says.

COPENHAGEN, Denmark — Shares in Scandinavian Airlines dropped more than 90% on Wednesday after the ailing carrier announced new shareholders in a restructuring scheme that will see the company delisted and existing ownership stakes erased. The rescue deal involving airline alliance Air France-KLM and private equity firms Castlelake and Lind Invest, which became investors alongside the Danish state, was presented late Tuesday.

Russia's leading tanker group Sovcomflot has transferred dozens of ships into a new Dubai based management company aiming to boost trade through this entity amid growing pressure from financial restrictions, according to maritime industry data and shipping industry sources. State-owned Sovcomflot is subject to sanctions and other restrictions by the UK and the European Union, while Washington has restricted its financial activities.

-- General Motors Co. is setting up a $6 billion line of credit to shore up liquidity, a move indicating the carmaker is preparing for a strike at US plants that may drag on with costs already reaching $200 million.

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