US open: Mixed start to trading ahead of Powell testimony

10th Jul 2024 14:57

(Sharecast News) - Wall Street trading got off to a mixed start early on Wednesday as Jerome Powell headed to Capitol Hill for a second straight day.

As of 1500 BST, the Dow Jones Industrial Average was down 0.04% at 39,277.16, while the S&P 500 advanced 0.26% to 5,591.33 and the Nasdaq Composite came out the gate 0.50% firmer at 18,520.81.

The Dow opened 14.81 points lower on Wednesday, extending losses recorded in the previous session.

Federal Reserve chairman Jerome Powell told the Senate Banking Committee on Tuesday that reducing policy restraint too late or too little could "unduly weaken" economic activity and employment.

He also told Congress that: "More good data would strengthen our confidence that inflation is moving sustainably toward 2%." Powell will continue his two-day testimony at 1500 BST, this time in front of the House Financial Services Committee.

On the macro front, mortgage applications dipped 0.2% in the first week of July, according to the Mortgage Bankers Association. Applications to refinance a mortgage fell 2% week-on-week, while applications to purchase a home rose 1% on the previous week.

No major corporate earnings were slated for release on Wednesday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $230.86 0.95%

Cisco Systems Inc. (CSCO) $46.22 0.92%

Walgreens Boots Alliance, Inc. (WBA) $10.88 0.83%

Home Depot Inc. (HD) $339.57 0.74%

Dow Chemical Co. (DOW) $51.95 0.72%

Travelers Company Inc. (TRV) $204.26 0.55%

Boeing Co. (BA) $184.21 0.53%

McDonald's Corp. (MCD) $247.07 0.51%

Merck & Co. Inc. (MRK) $126.47 0.34%

Microsoft Corp. (MSFT) $460.74 0.26%

Dow Jones - Fallers

Visa Inc. (V) $261.08 -1.64%

Verizon Communications Inc. (VZ) $40.81 -1.17%

Salesforce.Com Inc. (CRM) $249.88 -1.01%

Caterpillar Inc. (CAT) $323.48 -0.79%

JP Morgan Chase & Co. (JPM) $206.18 -0.70%

Coca-Cola Co. (KO) $62.33 -0.57%

Nike Inc. (NKE) $72.17 -0.40%

International Business Machines Corporation (CDI) (IBM) $175.82 -0.37%

Intel Corp. (INTC) $34.47 -0.36%

American Express Co. (AXP) $236.92 -0.35%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $1.29 4.88%

Brighthouse Financial, Inc. (BHF) $45.75 4.62%

Carmax Inc. (KMX) $75.00 3.79%

Illumina Inc. (ILMN) $110.29 3.38%

Newmont Corporation (NEM) $45.13 2.83%

Micron Technology Inc. (MU) $133.78 2.02%

Microchip Technology Inc. (MCHP) $94.07 1.87%

Advanced Micro Devices Inc. (AMD) $179.98 1.63%

Nvidia Corp. (NVDA) $133.50 1.61%

D. R. Horton Inc. (DHI) $138.01 1.48%

S&P 500 - Fallers

Intuit Inc. (INTU) $632.66 -2.73%

Mastercard Incorporated (MA) $435.58 -2.05%

Visa Inc. (V) $261.08 -1.64%

Target Corp. (TGT) $145.32 -1.54%

Darden Restaurants Inc. (DRI) $138.26 -1.45%

Accenture Plc (ACN) $293.99 -1.37%

AT&T Inc. (T) $18.55 -1.36%

Charter Communications Inc. (CHTR) $290.00 -1.33%

United Domin Rlty Trust (UDR) $40.30 -1.25%

Idexx Laboratories Inc. (IDXX) $472.07 -1.22%

Nasdaq 100 - Risers

Sirius XM Holdings Inc (SIRI) $3.65 6.41%

Baidu Inc. (BIDU) $100.21 5.04%

Illumina Inc. (ILMN) $110.29 3.38%

Micron Technology Inc. (MU) $133.78 2.02%

Vodafone Group Plc ADS (VOD) $9.28 1.92%

Microchip Technology Inc. (MCHP) $94.07 1.87%

Nvidia Corp. (NVDA) $133.50 1.61%

Texas Instruments Inc (TXN) $202.47 1.15%

J.B. Hunt Transport Services Inc. (JBHT) $157.31 1.14%

Analog Devices Inc. (ADI) $234.57 1.11%

Nasdaq 100 - Fallers

NetEase Inc. Ads (NTES) $90.86 -2.87%

Intuit Inc. (INTU) $632.66 -2.73%

Trip.com Group Limited (TCOM) $49.79 -2.20%

Charter Communications Inc. (CHTR) $290.00 -1.33%

Idexx Laboratories Inc. (IDXX) $472.07 -1.22%

Fiserv Inc. (FI) $149.45 -1.09%

Incyte Corp. (INCY) $60.05 -1.07%

Booking Holdings Inc. (BKNG) $3,950.00 -0.69%

Adobe Systems Inc. (ADBE) $562.40 -0.64%

eBay Inc. (EBAY) $52.31 -0.64%