By Mark DeCambre
U.S. stocks opened Tuesday trading mixed, with the Dow industrials rising on the back of early moves in Amgen Inc. /zigman2/quotes/209157011/composite AMGN -0.34% and Goldman Sachs /zigman2/quotes/209237603/composite GS -1.45% .
Equity indexes, however, continued to confront friction against the prospect of rising interest rates for benchmark debt, with the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -2.97% at around 1.96%, around its highest yield since 2019. Rising yields are a weight on valuations for speculative and growth-oriented stocks, which are being rerated for tighter monetary policy and higher borrowing costs.
The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.17% was trading 82 points, or 0.2%, higher at around 35,182.
The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.61% was trading 0.1% lower, weighed by declines in consumer discretionary /zigman2/quotes/210600228/delayed XX:SP500.25 +1.31% , energy /zigman2/quotes/210600521/delayed XX:SP500.10 -5.36% and health care /zigman2/quotes/210600439/delayed XX:SP500.35 -1.65% , despite the rise in Amgen.
The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.88% was trading less than 0.1% lower at 14,004.
In other corporate news, investors were focused on shares of exercise equipment maker Peloton Interactive /zigman2/quotes/208035743/composite PTON +11.01% , which was after it said it would replace its chief executive, overhaul its board and cut costs, including lay off 2,800 employees. Shares of Pfizer Inc . /zigman2/quotes/202877789/composite PFE -2.20% were lower, weighing on the health sector, after the drug maker reported fourth-quarter profit that beat expectations, while revenue more than doubled but missed forecasts.
In economic data, the U.S. trade deficit jumped 27% in 2021 to a record $859 billion largely because a recovering economy gave Americans the means to buy more imports. They also paid higher prices due to rising inflation.
The deficit widened in December by 1.8% to $80.7 billion, marking it the second largest monthly increase ever. Economists polled by The Wall Street Journal had forecast a $82.9 billion shortfall.