Dow Heads for Record High, Nasdaq Slips with Tech, Beyond Meat Soars—and What Else Is Happening in the Stock Market Today

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Markets will see the latest minutes from the Fed’s monetary policy committee Wednesday.

Karen Bleier/AFP/Getty Images

The stock market was mixed Wednesday, with the Dow headed for a new all-time high as the Nasdaq was poised to fall amid pressure from higher bond yields.

Futures for the Dow Jones Industrial Average indicated an open less than 30 points or 0.1% higher, after the index rose 214 points to close at a new, all-time high of 36,799 Tuesday. The S&P 500 was on track to open around flat, while futures for the tech-heavy Nasdaq signaled an open 0.3% lower.

Strong economic signals in recent days have supported stocks making up the Dow, while simultaneously helping to lift bond yields. This, in turn, has added weight to many of the technology stocks that make up the Nasdaq—which underperformed the Dow Tuesday by nearly 2 percentage points.

The yield on the 10-year U.S. Treasury note was down slightly Wednesday, to near 1.64%, after going as high as 1.68% Tuesday. The benchmark note’s yield was close to 1.5% at the beginning of the week.

“Seemingly, the sharp rise in U.S. yields this week has sparked a move from growth to value, or as I put it, from the Nasdaq to the Dow Jones,” said Jeffrey Halley, an analyst at broker Oanda. “Whether it lasts is another thing altogether, with such rotations running out of steam over the past 18 months, without really ever gathering momentum.”

Overseas, London’s FTSE 100 was 0.2% higher and Hong Kong’s Hang Seng Index fell 1.6%.

Here are two stocks on the move Wednesday:

Beyond Meat (ticker: BYND) was up more than 9% in the U.S. premarket, set to recover after a 5% fall Tuesday. The recent jump came as the company said its plant-based, fried chicken product would be available at KFC (YUM) locations in the U.S. next week.

Airbus (AIR.France) fell 0.6% in France following a report from Reuters—citing anonymous sources—that carrier Allegiant Air had shunned its traditional supplier, instead ordering 50 737 MAX jets from Boeing (BA) worth some $5 billion. Boeing shares were unmoved in the premarket.

Write to Jack Denton at jack.denton@dowjones.com