US open: Stocks higher as investors await inflation data, Q1 earnings

8th Apr 2024 14:13

(Sharecast News) - Wall Street stocks were in the green early on Monday as stocks look to reclaim some of last week's losses ahead of key inflation data and first-quarter corporate earnings later in the week.

As of 1500 BST, the Dow Jones Industrial Average was up 0.15% at 38,964.12, while the S&P 500 advanced 0.05% to 5,206.91 and the Nasdaq Composite came out the gate 0.14% firmer at 16,270.74.

The Dow opened 60.08 points higher on Monday, extending gains recorded on Friday after a stronger-than-expected jobs report left market participants hopeful that a strong US economy may remain supportive of corporate earnings growth.

Scope Markets' Joshua Mahony said: "Today represents the calm before the storm, with a largely empty economic calendar giving way to a week that sees US inflation, three monetary policy decisions, and the commencement of the third first quarter US earnings season.

"The impressive strength of the US jobs market may be good news for those hoping to see another set of strong earnings for Q1, yet we could be in for a rude awakening when the US CPI inflation gauge is reported on Wednesday."

No major data points were scheduled for release on Monday but traders were patiently waiting for the publication of March's consumer and producer price indexes, due out on Wednesday and Thursday, respectively.

Investors also continued to navigate rising bond yields and oil prices, with the yield on the benchmark 10-year Treasury note hitting 4.417% early on Monday, while US crude oil briefly touched $87.00 per barrel last week amid ongoing geopolitical tensions.

In the corporate space, Tesla shares traded higher at the open after chief executive Elon Musk revealed the group's robotaxi would be unveiled in August.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

3M Co. (MMM) $92.61 1.74%

Walgreens Boots Alliance, Inc. (WBA) $19.44 1.62%

Goldman Sachs Group Inc. (GS) $411.35 0.80%

Nike Inc. (NKE) $89.44 0.68%

McDonald's Corp. (MCD) $268.44 0.66%

JP Morgan Chase & Co. (JPM) $198.65 0.61%

Chevron Corp. (CVX) $162.46 0.53%

Home Depot Inc. (HD) $359.61 0.49%

Caterpillar Inc. (CAT) $381.07 0.47%

American Express Co. (AXP) $223.45 0.45%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $299.88 -0.67%

Merck & Co. Inc. (MRK) $127.22 -0.60%

Visa Inc. (V) $275.50 -0.59%

Apple Inc. (AAPL) $168.64 -0.55%

Microsoft Corp. (MSFT) $423.56 -0.46%

Walt Disney Co. (DIS) $117.94 -0.37%

Coca-Cola Co. (KO) $59.35 -0.27%

Intel Corp. (INTC) $38.63 -0.20%

Unitedhealth Group Inc. (UNH) $454.84 -0.20%

Johnson & Johnson (JNJ) $152.20 -0.13%

S&P 500 - Risers

Mid Amer Apt Commun (MAA) $133.11 4.73%

Sealed Air Corp. (SEE) $34.00 4.10%

Apartment Investment & Management Co. (AIV) $8.16 4.08%

CenturyLink Inc. (LUMN) $1.39 3.73%

Harley-Davidson Inc. (HOG) $43.58 3.55%

United Domin Rlty Trust (UDR) $37.77 3.45%

Hanesbrands Inc. (HBI) $5.30 3.41%

Albemarle Corp. (ALB) $127.66 3.41%

Norwegian Cruise Line Holdings Ltd (NCLH) $19.40 2.70%

Huntington Bancshares Inc. (HBAN) $13.94 2.50%

S&P 500 - Fallers

Fortinet Inc. (FTNT) $68.80 -2.98%

Advanced Micro Devices Inc. (AMD) $166.94 -2.04%

Medtronic Plc (MDT) $82.85 -2.02%

Broadcom Inc. (AVGO) $1,317.26 -1.66%

Eaton Corporation plc (ETN) $325.27 -1.59%

Skyworks Solutions Inc. (SWKS) $103.83 -1.56%

Adobe Systems Inc. (ADBE) $477.63 -1.54%

Vertex Pharmaceuticals Inc. (VRTX) $400.50 -1.52%

Intuitive Surgical Inc. (ISRG) $383.32 -1.31%

Synopsys Inc. (SNPS) $568.16 -1.27%

Nasdaq 100 - Risers

Tesla Inc (TSLA) $170.51 3.40%

Hasbro Inc (HAS) $57.83 2.50%

Qurate Retail Inc. (QRTEA) $1.04 2.45%

Trip.com Group Limited (TCOM) $49.01 1.80%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $452.55 1.75%

Walgreens Boots Alliance, Inc. (WBA) $19.44 1.62%

Take-Two Interactive Software Inc. (TTWO) $152.72 1.11%

Liberty Global plc Series C (LBTYK) $17.73 1.05%

Illumina Inc. (ILMN) $129.08 1.04%

Liberty Global plc Series A (LBTYA) $17.11 0.94%

Nasdaq 100 - Fallers

Baidu Inc. (BIDU) $103.75 -2.57%

Broadcom Inc. (AVGO) $1,317.26 -1.66%

Skyworks Solutions Inc. (SWKS) $103.83 -1.56%

Adobe Systems Inc. (ADBE) $477.63 -1.54%

Vertex Pharmaceuticals Inc. (VRTX) $400.50 -1.52%

Intuitive Surgical Inc. (ISRG) $383.32 -1.31%

Synopsys Inc. (SNPS) $568.16 -1.27%

Nvidia Corp. (NVDA) $870.65 -1.07%

Meta Platforms Inc. (META) $522.30 -0.96%

Netflix Inc. (NFLX) $630.50 -0.89%