Wall Street opens higher led by materials and financials

Major equity indexes in the U.S. started the day in the positive territory boosted by the strong performance of global stocks. At the moment, the Dow Jones Industrial Average is up 0.16% on the day while the S&P 500 and the Nasdaq Composite are gaining 0.38% and 0.48%, respectively.

Improved market sentiment amid upbeat PMI data from China and reports of the U.S. and China moving closer to a final trade deal drove stock markets higher on Wednesday. Reflecting the risk-on mood, the 10-year T-bond yield rose more than 1.5%. Supported by surging yields, the rate-sensitive S&P 500 Financials Index is adding 0.8% on the day while the S&P 500 Materials Index seems to be taking advantage of the renewed trade optimism, gaining more than 1%.

On the other hand, the defensive Real Estate, Utilities, and Consumer Staples indexes stay in the negative territory in the early trade.