US open: Stocks mixed as bond yields remain elevated

Major indices were mixed early on Tuesday as oil prices eased slightly but bond yields remained elevated.

As of 1530 BST, the Dow Jones Industrial Average was down 0.12% at 41,903.99, while the S&P 500 advanced 0.54% to 5,726.88 and the Nasdaq Composite came out the gate 0.94% firmer at 18,092.23.

The Dow opened 50.25 points lower on Tuesday, extending losses recorded in the previous session.

Tuesday's primary looked set to be August's goods trade balance figures, which revealed the US trade deficit narrowed to -$70.4bn, according to the Bureau of Economic Analysis, the lowest reading in five months. Economists expected to see a drop from -$78.8bn to -$70.6bn. Exports increased 2% to a record high of $271.8bn, while imports dropped 0.9% to $342.2bn.

Elsewhere on the macro front, the National Federation of Independent Business' September optimism index increased to 91.5 in September, missing forecasts for a print of 91.7 and marking the 33rd consecutive month below the 50-year average of 98.

Still to come, Federal Reserve Bank of Atlanta president Raphael Bostic and vice chair Philip Jefferson will deliver speeches at 1745 BST and 2330 BST, respectively.

Also in focus, West Texas Intermediate was down 3.62% in early trading at $74.35 per barrel, while Brent crude slipped 3.55% to $78.06 a barrel as investors continued to zero in on heightened tensions in the Middle East following Israel's ground invasion of Lebanon and Iran's resulting strike.

The yield on the benchmark 10-year Treasury note moved above 4% on Monday and was almost two basis points higher in early trading at 4.05% - its highest level since early August.

In the corporate space, PepsiCo cut its annual organic revenue guidance again on Tuesday as it highlighted a "subdued" performance in North America in the third quarter. The drinks giant now expects organic revenue to rise by low single-digits in FY24, down from a previous forecast of approximately 4% revenue growth. It continues to expect at least an 8% increase in core constant currency earnings per share.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $225.58 1.75%
Home Depot Inc. (HD) $413.46 1.32%
Microsoft Corp. (MSFT) $413.65 1.00%
Travelers Company Inc. (TRV) $227.87 0.84%
Visa Inc. (V) $275.89 0.77%
Salesforce.Com Inc. (CRM) $286.44 0.66%
Goldman Sachs Group Inc. (GS) $497.49 0.58%
International Business Machines Corporation (CDI) (IBM) $228.43 0.58%
Walmart Inc. (WMT) $79.54 0.56%
Amgen Inc. (AMGN) $318.69 0.39%

Dow Jones - Fallers

Caterpillar Inc. (CAT) $388.80 -2.37%
Chevron Corp. (CVX) $148.35 -1.83%
Dow Chemical Co. (DOW) $53.62 -1.83%
American Express Co. (AXP) $270.24 -1.30%
Nike Inc. (NKE) $80.10 -0.90%
JP Morgan Chase & Co. (JPM) $209.49 -0.68%
Intel Corp. (INTC) $22.24 -0.63%
3M Co. (MMM) $134.20 -0.49%
Cisco Systems Inc. (CSCO) $52.35 -0.30%
Boeing Co. (BA) $155.46 -0.29%

S&P 500 - Risers

Carnival Corp. (CCL) $18.80 4.39%
Norwegian Cruise Line Holdings Ltd (NCLH) $20.95 4.31%
American Airlines Group (AAL) $11.97 3.77%
Delta Airlines Inc. (DAL) $51.07 3.23%
Synopsys Inc. (SNPS) $510.65 3.19%
Humana Inc. (HUM) $243.81 3.18%
Baxter International Inc. (BAX) $36.87 3.08%
United Airlines Holdings Inc (UAL) $60.97 3.03%
Waters Corp. (WAT) $359.56 2.75%
Nektar Therapeutics (NKTR) $1.32 2.73%

S&P 500 - Fallers

Marathon Petroleum Corporation (MPC) $159.71 -7.82%
Apache Corp. (APA) $25.68 -4.78%
MGM Resorts International (MGM) $39.21 -4.60%
Valero Energy Corp. (VLO) $137.59 -4.44%
Wynn Resorts Ltd. (WYNN) $101.75 -4.38%
HF Sinclair Corporation (DINO) $44.75 -4.32%
Freeport-McMoRan Inc (FCX) $48.69 -4.13%
Estee Lauder Co. Inc. (EL) $92.35 -3.84%
Phillips 66 Common Stock (PSX) $133.38 -3.70%
Helmerich & Payne Inc. (HP) $34.12 -3.70%

Nasdaq 100 - Risers

American Airlines Group (AAL) $11.97 3.77%
Synopsys Inc. (SNPS) $510.65 3.19%
Nvidia Corp. (NVDA) $131.13 2.67%
Cadence Design Systems Inc. (CDNS) $268.67 2.21%
Netflix Inc. (NFLX) $715.52 1.94%
Apple Inc. (AAPL) $225.58 1.75%
Vertex Pharmaceuticals Inc. (VRTX) $455.85 1.62%
Intuit Inc. (INTU) $612.13 1.61%
Costco Wholesale Corp. (COST) $887.30 1.57%
Expedia Group Inc. (EXPE) $153.29 1.52%

Nasdaq 100 - Fallers

Trip.com Group Limited (TCOM) $62.54 -8.50%
Baidu Inc. (BIDU) $106.07 -7.34%
JD.com, Inc. (JD) $43.89 -6.78%
NetEase Inc. Ads (NTES) $94.54 -5.03%
Wynn Resorts Ltd. (WYNN) $101.75 -4.38%
Sirius XM Holdings Inc (SIRI) $22.56 -2.42%
Qurate Retail Inc. (QRTEA) $0.62 -1.56%
Hasbro Inc (HAS) $71.82 -0.93%
Kraft Heinz Co. (KHC) $34.31 -0.81%
Texas Instruments Inc (TXN) $199.89 -0.69%