Bonds are getting crushed

Stocks are going nowhere and bonds are selling off in early trading on Wednesday.

Near 9:34 a.m. ET, the Dow was up 14 points, the S&P 500 was unchanged, and the Nasdaq was up 10 points.

Bond yields, which rise when their prices fall, are spiking.

The yield on the benchmark 10-year German bund jumped as much as 12 basis points to around 0.82%, the highest level since last November.

US government bond yields are higher across all durations; the benchmark 10-year note rose by up to 7 basis points to 2.33%, its highs of the year.

Markets were fixated on the European Central Bank’s Mario Draghi, as he gave a press conference following the latest monetary policy decision that left rates unchanged. Business Insider’s Myles Udland has the full wrap of his remarks.

In economic data, the trade deficit narrowed by 19% to $US40.9 billion in April — more than expected. Economists had estimated that the trade deficit — the excess of imports over exports — fell to $US-44 billion.

Data on the services sector, and US oil inventories are also due this morning.

NOW WATCH: Here’s what ‘Game of Thrones’ stars look like in real life

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at