US open: Stocks edge up after weaker-than-expected services print

3rd Apr 2024 13:38

(Sharecast News) - Wall Street's main stock market indices moved quickly back into the green shortly after the start of the trading session, helped by modestly weaker-than- expected survey results for America's services sector.

Nevertheless, investors were likely hesitant to extend themselves in either direction ahead of a speech by Fed chair Jerome Powell at 1610 BST.

There was also the no small matter of the March non-farm payrolls report, that was due out on Friday, to contend with.

At 1556 BST, the Dow Jones Industrial Average was up by 0.26% to 39,266.18 and the technology heavy Nasdaq Composite by 0.52% to 16,324.59.

Gold and crude futures were again both moving higher alongside, sporting gains of 0.92% and 0.82%, respectively.

The yield on the benchmark 10-year U.S. Treasury note was up by four basis points to 4.393%.

Joshua Mahoney, chief market analyst at Scope Markets, said: "US traders will be treading with caution today, with an appearance from Jerome Powell posing additional risks within a week that has already been dominated by selling pressure.

"Comments from Fed member Mary Daly highlighted the patient approach taken by many, stating that she sees no current need for urgency to adjust the Fed Funds rate. With markets currently looking for a rate cut in June, markets will be highly sensitive to Powell's comment as he likely uses this opportunity to shape those expectations in one way or another."

On the economic front, consultancy ADP reported a 184,000 gain in hiring for March (consensus: 148,000), although many economists were openly sceptical regarding the usefulness of the survey's results.

The Institute for Supply Management's services sector Purchasing Managers' Index dipped to 51.4 for March after a reading of 52.6 in February (consensus: 52.7).

Significantly, given financial markets' current focus on inflation, a sub-index tracking prices paid by companies fell back from 58.6 to 53.4.

Dow Jones - Risers

Caterpillar Inc. (CAT) $371.42 1.80%

3M Co. (MMM) $94.30 1.57%

Walgreens Boots Alliance, Inc. (WBA) $19.00 1.50%

Goldman Sachs Group Inc. (GS) $414.88 1.15%

Apple Inc. (AAPL) $170.54 1.01%

International Business Machines Corporation (CDI) (IBM) $190.73 0.98%

Salesforce.Com Inc. (CRM) $306.47 0.81%

Dow Chemical Co. (DOW) $59.74 0.77%

Merck & Co. Inc. (MRK) $131.19 0.64%

American Express Co. (AXP) $226.78 0.55%

Dow Jones - Fallers

Intel Corp. (INTC) $41.01 -6.68%

Procter & Gamble Co. (PG) $157.33 -2.02%

Johnson & Johnson (JNJ) $156.00 -1.10%

Cisco Systems Inc. (CSCO) $48.94 -0.86%

Home Depot Inc. (HD) $361.43 -0.43%

Amgen Inc. (AMGN) $275.05 -0.42%

Walt Disney Co. (DIS) $122.33 -0.40%

Nike Inc. (NKE) $90.72 -0.25%

McDonald's Corp. (MCD) $277.50 -0.09%

Walmart Inc. (WMT) $59.11 -0.08%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $1.01 6.84%

General Electric Co. (GE) $144.25 5.70%

NRG Energy Inc. (NRG) $71.48 4.20%

Fortinet Inc. (FTNT) $71.42 3.73%

Western Digital Corp. (WDC) $71.21 3.46%

Micron Technology Inc. (MU) $126.51 3.06%

Hewlett Packard Enterprise (HPE) $18.20 2.82%

Arista Networks Inc. (ANET) $298.70 2.70%

HF Sinclair Corporation (DINO) $62.79 2.63%

Ford Motor Co. (F) $13.59 2.34%

S&P 500 - Fallers

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $448.67 -13.66%

Intel Corp. (INTC) $41.01 -6.68%

Estee Lauder Co. Inc. (EL) $147.25 -3.61%

Coty Inc. Class A (COTY) $11.20 -3.57%

Campbell Soup Co. (CPB) $43.22 -2.70%

Bath & Body Works, Inc. (BBWI) $47.17 -2.24%

Hershey Foods Corp. (HSY) $196.36 -2.09%

PVH Corp. (PVH) $106.43 -2.07%

Procter & Gamble Co. (PG) $157.33 -2.02%

Hasbro Inc (HAS) $54.67 -1.94%

Nasdaq 100 - Risers

Western Digital Corp. (WDC) $71.21 3.46%

Micron Technology Inc. (MU) $126.51 3.06%

Booking Holdings Inc. (BKNG) $3,642.84 2.15%

Lam Research Corp. (LRCX) $986.04 1.93%

Broadcom Inc. (AVGO) $1,363.00 1.81%

Seagate Technology Plc (STX) $91.85 1.80%

KLA-Tencor Corp. (KLAC) $705.22 1.63%

Synopsys Inc. (SNPS) $578.96 1.60%

Meta Platforms Inc. (META) $505.06 1.55%

Netflix Inc. (NFLX) $623.56 1.52%

Nasdaq 100 - Fallers

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $448.67 -13.66%

Intel Corp. (INTC) $41.01 -6.68%

JD.com, Inc. (JD) $27.17 -2.30%

Hasbro Inc (HAS) $54.67 -1.94%

Charter Communications Inc. (CHTR) $273.40 -1.66%

Sirius XM Holdings Inc (SIRI) $3.63 -1.49%

PACCAR Inc. (PCAR) $119.90 -1.40%

Costco Wholesale Corp. (COST) $701.84 -1.33%

Paychex Inc. (PAYX) $120.50 -1.29%

Mondelez International Inc. (MDLZ) $68.52 -1.07%