Investing.com - Wall Street was lower at the open on Thursday as bond yields rose after hawkish meeting minutes from the Federal Reserve.
The S&P 500 fell 17 points, or 0.61%, to 2,792.10 as of 9:37 AM ET (13:37 GMT), while the Dow decreased 148 points, or 0.58%, to 25,558.49 and the tech-heavy Nasdaq Composite was down 49 points, or 0.65%, to 7,593.27.
Treasury yields were higher on Thursday, with the United States 10-Year note near a one-week high of 3.211%. The rise in bond yields came after hawkish Fed minutes showed the central bank's conviction in gradually increasing interest rates in December and beyond.
Chances of a Fed rate hike at its meeting in December were priced in at 86.4%, according to Investing.com's Fed Rate Monitor Tool.
Endocyte (NASDAQ:ECYT) was among the top gainers after the morning bell, surging 50.19% after Novartis agreed to buy the cancer drug company for $2.1 billion, or $24 a share, in cash.
Philip Morris (NYSE:PM) gained 2.64% after its third-quarter results came in higher than expected, while Alcoa (NYSE:AA) was up 7.3% after its earnings beat expectations.
Elsewhere, IBM (NYSE:IBM) fell 0.77%, while Canopy Growth (NYSE:CGC) gained 2.8% and Facebook (NASDAQ:FB) slumped 1.59%.
Netflix (NASDAQ:NFLX) decreased 1.7% and Apple (NASDAQ:AAPL) slumped 1.45%. Constellation Brands (NYSE:STZ) inched down 0.16% after the company announced CEO Rob Sands will step down next March.
In commodities, gold futures decreased 0.02% to $1,227.10 a troy ounce, while crude oil futures fell 1.68% to $68.58 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, increased 0.06% to 95.41.