US open: Stocks extend losses in early trading

5th Mar 2024 14:16

(Sharecast News) - Wall Street stocks were in the red at the opening bell on Tuesday as traders looked ahead to testimony from Federal Reserve chairman Jerome Powell over the next two days.

As of 1515 GMT, the Dow Jones Industrial Average was down 0.44% at 38,816.36, while the S&P 500 lost 0.63% to 5,098.66 and the Nasdaq Composite came out the gate 1.30% weaker at 15,996.24.

The Dow opened 173.74 points lower on Tuesday, extending losses recorded in the previous session.

In focus early on Tuesday, shares in chipmaker AMD traded lower on the back of a Bloomberg report that claimed the company had hit a regulatory snag that would prevent it from selling an artificial intelligence chip to China while GitLab shares crashed after the software firm issued weak full-year guidance.

Also in the corporate space, big-box retailer Target reported fourth-quarter earnings that came in ahead of analyst expectations, with annual revenues growing roughly 40% year-on-year and quarterly profits coming in nearly 58% higher at $1.38bn.

Still to come, fashion retailer Nordstrom and cloud-based content management business Box will report earnings after the close.

On the macro front, the S&P Global composite purchasing managers index was revised higher to 52.5 in February, up from preliminary estimates for a reading of 51.4 and ahead of the 52 recorded in January. February saw a general decrease in cost pressures, with input prices easing at the slowest rate since October 2020. However, firms still chose to pass on higher costs to customers, leading to a month-on-month uptick in selling price inflation.

Elsewhere, the services PMI was revised higher to 52.3 in February, up from a preliminary of 51.3 and just below the 52.5 reading seen in January. The print pointed to a solid performance by the services sector last month, with output rising for a thirteenth successive month.

On another note, the Institute for Supply Management's US services PMI fell to 52.6 in February, down from a four-month high of 53.4 in January and missing expectations for a reading of 53. February's print pointed to marginally slower growth in the services sector amid faster supplier deliveries and employment contraction.

Also likely to draw an amount of investor attention, Federal Reserve governor Michael Barr will deliver a speech at 1700 GMT.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $20.89 1.51%

Walmart Inc. (WMT) $60.00 1.18%

JP Morgan Chase & Co. (JPM) $188.38 0.91%

3M Co. (MMM) $92.20 0.83%

Boeing Co. (BA) $202.13 0.79%

Dow Chemical Co. (DOW) $57.42 0.70%

Johnson & Johnson (JNJ) $160.78 0.59%

Chevron Corp. (CVX) $149.58 0.47%

Goldman Sachs Group Inc. (GS) $393.29 0.27%

Coca-Cola Co. (KO) $59.94 0.21%

Dow Jones - Fallers

Intel Corp. (INTC) $44.05 -3.42%

Apple Inc. (AAPL) $170.57 -2.58%

Salesforce.Com Inc. (CRM) $308.45 -1.97%

Microsoft Corp. (MSFT) $407.35 -1.82%

Nike Inc. (NKE) $98.60 -0.95%

Amgen Inc. (AMGN) $277.15 -0.80%

Cisco Systems Inc. (CSCO) $48.76 -0.76%

Merck & Co. Inc. (MRK) $123.11 -0.76%

International Business Machines Corporation (CDI) (IBM) $191.67 -0.72%

Unitedhealth Group Inc. (UNH) $479.30 -0.53%

S&P 500 - Risers

Target Corp. (TGT) $167.99 11.63%

DaVita Inc (DVA) $134.15 6.70%

AES Corp. (AES) $16.68 3.80%

Sba Communications Corp. (SBAC) $218.83 3.20%

Harley-Davidson Inc. (HOG) $37.79 3.05%

Dollar General Corp (DG) $152.96 3.04%

Dollar Tree Inc (DLTR) $150.88 3.04%

Hewlett Packard Enterprise (HPE) $17.59 2.59%

Agilent Technologies Inc. (A) $146.32 2.42%

PACCAR Inc. (PCAR) $114.97 2.39%

S&P 500 - Fallers

Albemarle Corp. (ALB) $117.15 -12.05%

Nektar Therapeutics (NKTR) $0.86 -4.44%

Intel Corp. (INTC) $44.05 -3.42%

Fortinet Inc. (FTNT) $69.11 -3.19%

Adobe Systems Inc. (ADBE) $550.36 -3.09%

Arista Networks Inc. (ANET) $279.33 -2.99%

Synopsys Inc. (SNPS) $578.15 -2.72%

Qorvo, Inc. (QRVO) $117.00 -2.68%

Apple Inc. (AAPL) $170.57 -2.58%

Align Technology Inc. (ALGN) $300.83 -2.34%

Nasdaq 100 - Risers

Dollar Tree Inc (DLTR) $150.88 3.04%

PACCAR Inc. (PCAR) $114.97 2.39%

eBay Inc. (EBAY) $49.88 1.99%

Walgreens Boots Alliance, Inc. (WBA) $20.89 1.51%

Costco Wholesale Corp. (COST) $764.28 0.67%

Fastenal Co. (FAST) $75.27 0.64%

Charter Communications Inc. (CHTR) $280.70 0.59%

Fiserv Inc. (FI) $150.73 0.49%

T-Mobile Us, Inc. (TMUS) $164.04 0.43%

Vodafone Group Plc ADS (VOD) $8.98 0.39%

Nasdaq 100 - Fallers

Intel Corp. (INTC) $44.05 -3.42%

Adobe Systems Inc. (ADBE) $550.36 -3.09%

Tesla Inc (TSLA) $182.85 -2.81%

Synopsys Inc. (SNPS) $578.15 -2.72%

NetEase Inc. Ads (NTES) $106.06 -2.59%

Apple Inc. (AAPL) $170.57 -2.58%

Align Technology Inc. (ALGN) $300.83 -2.34%

Skyworks Solutions Inc. (SWKS) $102.50 -2.29%

Workday, Inc. (WDAY) $267.07 -2.18%

Intuit Inc. (INTU) $654.78 -2.04%