US open: Stocks mostly higher as traders await Fed minutes

21st Aug 2024 14:53

(Sharecast News) - Wall Street stocks were mostly higher early on Wednesday as market participants looked ahead to minutes from the Federal Reserve's July policy meeting and a key speech from chairman Jerome Powell later in the week.

As of 1525 BST, the Dow Jones Industrial Average was down 0.02% at 40,825.39, while the S&P 500 advanced 0.30% to 5,614.03 and the Nasdaq Composite came out the gate 0.48% firmer at 17,903.03.

The Dow opened 9.58 points higher on Wednesday, narrowly extending losses recorded in the previous session.

Wednesday's primary focus will be July's Fed meeting minutes at 1900 BST, with investors hoping to glean further insight into what the central bank may be thinking coming up to its September meeting, where it is broadly expected to lower its benchmark interest rate.

After that, attention will then shift to the Federal Reserve's economic symposium in Jackson Hole, Wyoming, with chairman Jerome Powell expected to speak on the central bank's current opinion of the US economy.

Elsewhere on the macro front, US mortgage applications crashed 10.1% in the week ended 16 August, according to the Mortgage Bankers Association of America, reversing much of the prior week's 16.8% increase. Applications to refinance a mortgage were down 15% despite a five basis point drop in benchmark mortgage rates to a fresh 15-month low, while applications to purchase a home fell 5%.

In the corporate space, shares in retailer Target surged after posting a big quarterly earnings beat and upgrading its full-year outlook, while Macy's beat earnings estimates but revealed that sales had fallen throughout its most recent trading quarter.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $21.16 0.81%

Walmart Inc. (WMT) $75.13 0.79%

McDonald's Corp. (MCD) $287.71 0.73%

Home Depot Inc. (HD) $369.37 0.57%

Coca-Cola Co. (KO) $69.75 0.53%

Chevron Corp. (CVX) $145.33 0.44%

3M Co. (MMM) $128.22 0.41%

Apple Inc. (AAPL) $227.42 0.40%

Dow Chemical Co. (DOW) $52.89 0.32%

Merck & Co. Inc. (MRK) $115.50 0.31%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $10.46 -2.52%

American Express Co. (AXP) $248.10 -1.97%

International Business Machines Corporation (CDI) (IBM) $194.70 -0.68%

Travelers Company Inc. (TRV) $215.92 -0.51%

JP Morgan Chase & Co. (JPM) $213.86 -0.31%

Microsoft Corp. (MSFT) $423.68 -0.26%

Cisco Systems Inc. (CSCO) $50.13 -0.21%

Boeing Co. (BA) $171.76 -0.20%

Walt Disney Co. (DIS) $89.58 -0.18%

Caterpillar Inc. (CAT) $342.75 -0.16%

S&P 500 - Risers

Target Corp. (TGT) $163.57 13.33%

Keysight Technologies Inc. (KEYS) $154.73 11.66%

TJX Companies Inc. (TJX) $119.42 5.39%

Coty Inc. Class A (COTY) $10.02 5.14%

Analog Devices Inc. (ADI) $231.58 3.62%

Ross Stores Inc. (ROST) $153.00 3.59%

Albemarle Corp. (ALB) $87.12 3.44%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $380.65 3.14%

Take-Two Interactive Software Inc. (TTWO) $159.61 3.10%

Tapestry Inc. (TPR) $41.51 2.80%

S&P 500 - Fallers

Macy's Inc. (M) $15.32 -13.64%

Nordstrom Inc. (JWN) $21.20 -4.20%

Franklin Resources Inc. (BEN) $21.88 -3.27%

H&R Block Inc. (HRB) $64.72 -2.82%

Walgreens Boots Alliance, Inc. (WBA) $10.46 -2.52%

Foot Locker Inc. (FL) $31.85 -2.33%

American Express Co. (AXP) $248.10 -1.97%

Citigroup Inc. (C) $60.58 -1.19%

F5 Inc. (FFIV) $196.06 -1.16%

Equinix, Inc. (EQIX) $820.46 -1.13%

Nasdaq 100 - Risers

Analog Devices Inc. (ADI) $231.58 3.62%

Ross Stores Inc. (ROST) $153.00 3.59%

Trip.com Group Limited (TCOM) $42.66 3.34%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $380.65 3.14%

Take-Two Interactive Software Inc. (TTWO) $159.61 3.10%

Texas Instruments Inc (TXN) $207.89 2.64%

Sirius XM Holdings Inc (SIRI) $3.32 2.15%

Microchip Technology Inc. (MCHP) $81.89 2.01%

Meta Platforms Inc. (META) $536.92 1.93%

Amazon.Com Inc. (AMZN) $181.95 1.72%

Nasdaq 100 - Fallers

JD.com, Inc. (JD) $26.38 -6.43%

Walgreens Boots Alliance, Inc. (WBA) $10.46 -2.52%

Micron Technology Inc. (MU) $106.79 -1.12%

Broadcom Inc. (AVGO) $164.29 -1.00%

PACCAR Inc. (PCAR) $95.07 -0.64%

Illumina Inc. (ILMN) $131.69 -0.62%

Alphabet Inc. Class A (GOOGL) $166.35 -0.50%

Mercadolibre Inc. (MELI) $1,995.73 -0.49%

Alphabet Inc. Class C (GOOG) $168.15 -0.48%

Starbucks Corp. (SBUX) $92.57 -0.47%