Stocks Opened Lower, Bond Yields Remained in Focus

U.S. stocks opened lower on Wednesday, as investors continued to monitor a rise in bond yields and the implications it could have on equity prices. The Dow Jones Industrial Average lately fell 168.12 points, or 0.64%, to 26,262.45. The S&P 500 declined 24.46 points, or 0.85%, to 2,855.88. The Nasdaq Composite sank 117.84 points, or 1.52%, to 7,620.18.

Crude-oil futures early Wednesday in New York traded on either side of break even, as investors watched Hurricane Michael, which has intensified to Category 4 storm and was barreling down on Florida, and weighed the impact of pending U.S. sanctions on Iranian crude exports. West Texas Intermediate crude for November delivery edged down by 7 cents, or less than 0.1%, to $74.89 a barrel. Brent crude for December delivery edged 4 cents, or less than 0.1%, lower to $84.96 a barrel.

U.S. producer prices increased 0.2 percent in September, reversing an unexpected decline in August and in line with expectations.In the 12 months through September, the producer price index rose 2.6 percent, slightly less than expected.

Ikea reported global sales grew 4.5% in the latest financial year to hit €38.8bn (£33.9bn, $44.6bn). The company has also seen strong growth in new markets, according to Ikea’s CEO Torbjorn Loof.