Stock market today: Wall Street steadies after selloff as reports suggest US economy may be cooling

abcnews.go.com:

Wall Street is holding steadier in mixed trading after reports suggested the U.S. economy may be cooling

NEW YORK — Wall Street is holding steadier in mixed trading Wednesday after reports suggested the U.S. economy may be cooling.

The S&P 500 was 0.1% higher in morning trading, coming off a 1.4% tumble that had sent it to its lowest level in four months. The Dow Jones Industrial Average was down 52 points, or 0.2%, a day after wiping out its gains for the year so far. The Nasdaq composite was 0.4% higher, as of 10:15 a.m. Eastern time.

Stocks have struggled since the summer under the weight of soaring Treasury yields in the bond market, which have touched their highest levels in more than a decade. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.

The yield on the 10-year Treasury, which is the centerpiece of the bond market, pulled back from its highest level since 2007, down to 4.76% from 4.80% late Tuesday. Shorter- and longer-term yields also eased a bit to offer more oxygen to the stock market.

Yields fell and then pared their losses following a couple mixed reports on the economy. The first indicated hiring by employers outside the government was weaker last month than expected.

On Wall Street currently, the hope is for a cooling job market because that could mean less upward pressure on inflation. That in turn could convince the Federal Reserve to take it easier on interest rates.

After already hiking its main interest rate to the highest level since 2001, the Fed has indicated it may keep rates higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as