The New York Stock Exchange turned lower on Wednesday morning as government bond yields rose on fears of a postponement of Fed rate cuts.

At the end of the morning, the Dow Jones was down 0.3% at 38,359.6 points, while the Nasdaq Composite was up 0.2% at 15,723.2 points.

US equity markets had opened in the green, or at levels close to their equilibrium, before rates climbed back up to their worst annual levels.

On the bond market, the yield on 10-year US Treasury bonds, whose rise often rhymes with a fall in equities, gained five points to over 4.65%.

Fears that rates could remain high for a prolonged period were fuelled this morning by the publication of much stronger-than-expected durable goods orders.

Last month's orders were up 2.6% on the previous month, following a sequential rise of 0.7% in February.

On the earnings front, Tesla soared 13% following disappointing quarterly results, which were nevertheless accompanied by the presentation of encouraging projects in AI and entry-level models.

On the Dow, Visa gained 0.5% in the wake of solid quarterly results and the confirmation of its annual targets, a "relief" in the opinion of some analysts.

Results from Hasbro (+12%) and Texas Instruments (+7%) were also well received by the market.

The index measuring S&P 500 volatility, known as the "fear index", resumed its upward trend, gaining nearly 2% to almost 16 points, a level corresponding, however, to its lows of recent weeks.

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