S&P 500 Index opens lower, financial stocks capitalize on rising US T-bond yields

• S&P 500 reversed its direction after renewing record highs on Wednesday.
• Dow Jones Industrial Average posts small daily gains.
• Technology shares fall sharply as investors turn cautious.

After closing in the positive territory on Wednesday with investors cheering the US Federal Reserve's commitment to preserving the dovish monetary policy for a long time, Wall Street's main indexes opened mixed on Thursday. As of writing, the Dow Jones Industrial Average was up 0.06% on the day at 33,037, the S&P 500 was losing 0.5% at 3,954 and the Nasdaq Composite was down 1.4% at 13,019.

The sharp upsurge witnessed in the US Treasury bond yields seems to be weighing on market sentiment with the CBOE Volatility Index (VIX), Wall Street's fear gauge, rising more than 5% on the day.

Supported by a 5.7% increase in the benchmark 10-year US T-bond yield, the S&P 500 Financials Index is up 1.4% on the day. On the other hand, the risk-sensitive Technology and the Communication Services indexes are down 1.5% and 0.9%, respectively.

S&P 500 chart (daily)