U.S. Indices Trade Modestly Lower
U.S. markets are hovering near their session lows half way through the lunch hour on Wall Street Friday, though losses are quite modest at this point.
The S&P 500 is trading down by 0.23%, with the Dow 0.22% lower and the Nasdaq losing 0.22% as well.
Ten of the eleven S&P sectors are trading in the red currently, with only the oil-sensitive energy sector trading higher. The technology sector continues to flirt with unchanged levels, having given back early gains to trade in the red as heavyweights Alphabet and Facebook narrow their weekly gains today.
We continue to see bond yields rising, which is supporting more gains for the U.S. dollar today. Assuming the greenback ends the day firmer against rivals, it will be the tenth consecutive session of gains for the U.S. currency.
Crude is showing a healthy gain of 1.6% today as traders have come back to the belief that OPEC will enact a production cap in the coming weeks and that Russia will follow suit.