US stocks weaker on China report, first down day of 2018

Major US equity indices opened with modest losses on Wednesday and retreated from previous session's all-time closing highs. 

A report that China is considering to slow or halt purchases of the US purchases spooked global markets and triggered a meltdown in the government bond markets. In fact, the 10-year Treasury bond yield climbing back to 2.60% and provided some reason for bulls to take a pause. 

Investors also seemed inclined to take some profits off the table and wait for the start of fourth-quarter earnings season. The key focus would be on the forward guidance, which this time would incorporate lower tax rates and should provide a fresh near-term directional impetus. 

During the opening hour of trade, the Dow Jones Industrial Average lost around 115-points to 25,271, while the broader S&P 500 Index slipped 14-points to 2,738. Meanwhile, tech-heavy Nasdaq Composite Index slightly underperformed the broader markets and fell nearly 45-points, or 0.62%, to 7,120.