: U.S. stocks open lower as higher oil prices, Treasury yields continue to weigh on markets

U.S. stock indexes opened lower on Wednesday as a rise in oil prices and steady Treasury yields continue to push stocks lower, renewing fears over inflation and more interest-rate hikes by the Federal Reserve. The Dow Jones Industrial Average DJIA was off 112 points, or 0.4%, to 34,517, while the S&P 500 SPX lost 0.4% and the Nasdaq Composite COMP dropped 0.3%. Oil futures traded modestly lower on Wednesday, pulling back after settling at 2023 highs in the previous session as Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year, worrying investors about potential shortages during peak winter demand. West Texas Intermediate crude for October delivery CLV23 fell 0.1%, to $86.57 a barrel on the New York Mercantile Exchange, while the November Brent crude BRNX23 declined 0.3%, to $89.77 a barrel on ICE Futures Europe. U.S. Treasury yields were holding their ground on Wednesday morning with the yield on the 2-year Treasury BX:TMUBMUSD02Y up 1 basis point to 4.958%. On the economic front, investors assessed fresh data on U.S. trade deficit, which widened 2% in July to $65 billion, the Commerce Department said Wednesday. The Federal Reserve’s Beige Book will be out at 2:00 p.m. Eastern.

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