LONDON (ShareCast) - (ShareCast News) - Investors pulled in their horns ahead of the Thanksgiving break and following a barrage of economic data that saw government bond yields rise sharply.
As of 1535 GMT the Dow Jones Industrials was up by 0.15% or 28.01 points to 19,051.28, while the Nasdaq Composite was retreating 0.46% or 24.57 points to trade at 5,361.15 and the S&P 500 was off by 0.15% or 3.36 points to 2,199.95.

Key in Wednesday´s data deluge was a 4.8% month-on-month jump in durable goods orders during October to reach $239.4bn.

Although the figures were somewhat distorted by a 94% surge in civilian aircraft orders, economists at Barclays Research saw signs for optimism in the data.

"Neither orders nor shipments have displayed a sustained upward movement that would indicate a near-term acceleration in equipment investment; however, this morning's report could be the first sign of the firming we would need for our investment forecast to be realized. Within the detail of the report, we see broad-based strength," Barclays´s Rob Martin said in a research report sent to clients.

The data saw 10-year US Treasury yields jump eight basis points to 2.40%, pushing the dollar higher by 1.56% to 112.78 against the Japanese yen.

Also noteworthy were the results of the University of Michigan´s final reading on consumer confidence for November.

The figures revealed the extent to which Donald Trump was enjoying the so-called 'honeymoon' period with investors following his surprise election win.

The University of Michigan´s consumer sentiment survey jumped from 87.2 at the end of October to 93.8 for November (consensus: 91.6), according to the final data for the month.

Minutes of the Fed's 1-2 November meeting are due at 1900 GMT.

Pharma, Biotech stocks hit

Eli Lilly tumbled in pre-market trade after the company said a late-stage trial of a treatment for dementia in patients with Alzheimer's failed to meet its goal.

Shares in Juno Therapeutics tumbled in early trade as the biopharmaceutical company said it has halted its Phase II clinical trial of the JCAR015 drug after two patients suffered cerebral edema earlier this week.

Shares in construction equipment maker Deere & Co were boosted on Wednesday after the company posted an impressive earnings beat in its fourth quarter report.

Net income attributable to Deere dropped to $285.3m, or 90 cents a share, in the fourth quarter ended in October from $351.2 million, or $1.08 a share from last year.

From a sector standpoint the worst performance was being seen in Mining (-5.12%), Water (-1.63%), Biotechnology (-1.58%) and Pharmaceuticals (-1.36%).

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