In the Wednesday morning session, the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average observed limited moves, while yields experienced an upward tick. The Nasdaq Composite started the day with a slight decline of -0.1%, the S&P 500 remained unchanged, and the Dow Jones showed no significant changes.

The 10-year Treasury yield increased by 2 basis points to reach 4.47%, while the 2-year yield rose 1 basis point to 4.84%. These yield movements caught the attention of investors and analysts, as they could have implications for future market trends.

On Tuesday, the major market averages ended with mixed results. While defensive stocks performed well, a slump in Walt Disney offset those gains. Deutsche Bank's Jim Reid noted that the equal-weighted S&P 500 managed to post a stronger gain, despite declines from Tesla and Nvidia, mainly due to the performance of other stocks.

Walt Disney's latest quarterly results showed a decline in revenue from its traditional television businesses, and its cautious outlook weighed on the company's stock, which ended 9.5% lower on Tuesday. This decline had an impact on the overall market averages.

Investors also received data on wholesale inventories, which showed a fall in March. The final figure for March wholesale inventories came in at -0.4% month-on-month, amounting to $894.7 billion. This result was in line with the initial estimates, but lower than February's reading, which saw a slight increase of 0.5%.

Later in the day, the results of the $42 billion, 10-year note auction were expected to be released. This auction would shed light on investor sentiment and demand for long-term government debt.

As the market awaits further updates and economic indicators, investors and analysts will continue to closely monitor the major market averages and yield movements to gauge the overall sentiment and trends in the market.