US open: Stocks mixed as Treasury yields rise

16th Apr 2024 15:56

(Sharecast News) - Wall Street stocks were mixed early on Tuesday after the benchmark 10-year Treasury note hit a fresh high.

As of 1545 BST, the Dow Jones Industrial Average was up 0.23% at 37,821.80, while the S&P 500 lost 0.25% to 5,049.14 and the Nasdaq Composite came out the gate 0.23% weaker at 15,848.12.

The Dow opened 86.69 points higher on Tuesday, taking a bite out of losses recorded in the previous session amid ongoing tensions in the Middle East.

Geopolitical tensions remained firmly in focus at the bell after Iran launched missiles and drones at Israel on Saturday, shattering Israel's deference policy.

Elsewhere, the yield on the benchmark 10-year Treasury note rose more than five basis points to 4.661%, its highest point since last November

In the corporate space, United Health shares traded higher following its better-than-expected first-quarter revenue performance, while Johnson & Johnson shares were in the red on the back of some mixed quarterly results.

Bank of America said it had seen a "strong" first quarter on Tuesday, despite posting a sharp fall in profits, and Morgan Stanley beat analyst consensus forecasts on both the top and bottom lines.

On the macro front, builders broke ground on fewer new homes last month than anticipated. According to the Department of Labor, in seasonally adjusted terms, housing starts dropped at a month-on-month pace of 14.7% in March to reach an annual rate of 1.32m (consensus: 1.48m). Permits, meanwhile, which were considered to be a lead indicator for starts, dropped by 4.3% to 1.45m (consensus: 1.51m).

On another note, the US capacity utilisation rate edged up to 78.4% in March, up from a downwardly revised 78.2% print for February, according to the Federal Reserve, while industrial production flattened year-on-year in March, following a downwardly revised 0.3% drop in February.

Still to come, Federal Reserve chairman Jerome Powell will deliver a speech at 1815 BST.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Unitedhealth Group Inc. (UNH) $470.56 5.59%

International Business Machines Corporation (CDI) (IBM) $184.21 1.63%

Salesforce.Com Inc. (CRM) $274.68 0.65%

Boeing Co. (BA) $168.77 0.57%

Microsoft Corp. (MSFT) $415.76 0.51%

Procter & Gamble Co. (PG) $156.15 0.45%

Walt Disney Co. (DIS) $113.37 0.37%

Walgreens Boots Alliance, Inc. (WBA) $17.69 0.23%

Visa Inc. (V) $271.87 0.22%

Travelers Company Inc. (TRV) $221.51 0.20%

Dow Jones - Fallers

Johnson & Johnson (JNJ) $144.88 -1.84%

JP Morgan Chase & Co. (JPM) $179.95 -1.61%

Caterpillar Inc. (CAT) $358.49 -1.49%

3M Co. (MMM) $90.21 -1.19%

Chevron Corp. (CVX) $155.90 -1.08%

Dow Chemical Co. (DOW) $56.76 -0.98%

Verizon Communications Inc. (VZ) $39.74 -0.92%

Apple Inc. (AAPL) $171.18 -0.87%

Home Depot Inc. (HD) $335.70 -0.66%

American Express Co. (AXP) $217.05 -0.62%

S&P 500 - Risers

Unitedhealth Group Inc. (UNH) $470.56 5.59%

Morgan Stanley (MS) $89.99 3.45%

Netflix Inc. (NFLX) $620.12 2.14%

Coty Inc. Class A (COTY) $10.71 1.98%

Humana Inc. (HUM) $320.65 1.91%

Advanced Micro Devices Inc. (AMD) $163.38 1.91%

O'Reilly Automotive Inc. (ORLY) $1,086.94 1.65%

International Business Machines Corporation (CDI) (IBM) $184.21 1.63%

Church Dwight Co Inc. (CHD) $103.18 1.58%

Cencora Inc (COR) $237.87 1.56%

S&P 500 - Fallers

Gap Inc. (GPS) $20.76 -5.12%

Bank of America Corp. (BAC) $34.26 -4.70%

Sl Green Realty Corp. (SLG) $47.39 -4.61%

Northern Trust Corp. (NTRS) $80.63 -3.68%

Vornado Realty Trust (VNO) $25.23 -3.59%

Occidental Petroleum Corp. (OXY) $65.97 -3.47%

Freeport-McMoRan Inc (FCX) $48.33 -3.38%

Lennar Corp. Class A (LEN) $151.22 -3.14%

Albemarle Corp. (ALB) $117.04 -2.87%

M&T Bank Corp. (MTB) $136.99 -2.80%

Nasdaq 100 - Risers

Netflix Inc. (NFLX) $620.12 2.14%

O'Reilly Automotive Inc. (ORLY) $1,086.94 1.65%

Nvidia Corp. (NVDA) $872.19 1.42%

Asml Holdings N.V. (ASML) $966.52 1.23%

Applied Materials Inc. (AMAT) $207.90 1.08%

KLA-Tencor Corp. (KLAC) $684.68 0.91%

Adobe Systems Inc. (ADBE) $473.43 0.71%

Lam Research Corp. (LRCX) $951.81 0.60%

Henry Schein Inc. (HSIC) $71.15 0.59%

Analog Devices Inc. (ADI) $191.40 0.58%

Nasdaq 100 - Fallers

Tesla Inc (TSLA) $155.29 -3.86%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $422.85 -2.24%

Illumina Inc. (ILMN) $118.46 -2.13%

Hologic Inc. (HOLX) $75.89 -2.12%

NetEase Inc. Ads (NTES) $90.51 -2.04%

Qurate Retail Inc. (QRTEA) $1.00 -1.96%

eBay Inc. (EBAY) $50.02 -1.84%

JD.com, Inc. (JD) $25.05 -1.75%

Micron Technology Inc. (MU) $119.89 -1.41%

American Airlines Group (AAL) $12.80 -1.31%