US stocks dip as Yahoo surges on sale speculation

New York - Yahoo shares opened higher on a report that the company could sell its core Internet business as the broader market dipped in early trade on Wednesday.

Five minutes into trade, the Dow Jones Industrial Average stood at 17 864.24, down 24.11 points (0.13%).

The broad-based S&P 500 shed 2.77 (0.13%) to 2 099.86, while the tech-rich Nasdaq Composite Index lost 1.04 (0.02%) at 5 155.27.

Yahoo jumped 4.9% following a Wall Street Journal report that said the company is considering the sale of its Internet properties in light of uncertainty surrounding the spin-off of its lucrative stake in Chinese e-commerce giant Alibaba.

Federal Reserve Chair Janet Yellen is scheduled to give a speech later today in Washington.

Many experts believe the Fed will hike interest rates later this month, a forecast that looked more likely after payrolls firm ADP reported the US added a solid 217 000 private-sector jobs in November.