Stock indices trade higher on Wednesday as they get some buying interest after longer rates fell from highs after the surprise move from the Bank of England.
The Dow is +1.1%, the S&P 500 is +1.08% and the Nasdaq Composite is +0.85%.
The Bank of England said it would start temporary purchases of long-dated bonds and will also delay quantitative tightening.
Yields on the 10-year Gilt tumbled more than 40 basis points. The 10-year yield (US10Y) topped 4% earlier on but have since subsided as it is now lower by 14 basis points to 3.82%. The 2-year yield (US2Y) is down 14 basis points to 4.16%.
Markets also had been under pressure overnight following a report that Apple was pulling back from plans to boost iPhone production.
On the economic calendar, August pending home sales declined more than was forecasted. Pending home sales data came in at -2.0% M/M to 88.4 versus the forecasted -0.8% figure.
There will also be a host of Fed speakers at the Community Banking Research Conference, including pre-recorded remarks from Fed chief Jay Powell.
"Everyone understands that the Fed is going to keep raising rates to defeat inflation," UBS chief economist Paul Donovan said. "What is not clear is how exactly the Fed thinks higher rates transmit into lower inflation."
"The S&P 500 is down 6 days in a row and made a new 52-wk low," Ryan Detrick of Carson Group tweeted. "Don't shoot the messenger here, but that's happened 20 other times since 1950 and what happens next is pretty bullish. A year later? Higher 90% of the time and up 20% on average."
Among active stocks, shares of DocuSign rise after the electronic-signature technology company said it would cut the size of its workforce by roughly 9%.
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