US open: Dow Jones extends winning streak following CPI report

Wall Street stocks were mixed early on Wednesday as market participants thumbed over key inflation data from the Department of Labor.

As of 1530 BST, the Dow Jones Industrial Average was up 0.56% at 35,463.35, while the S&P 500 was 0.24% firmer at 4,447.40 and the Nasdaq Composite came out the gate 0.06% softer at 14,779.44.

The Dow Jones opened 198.68 points higher on Wednesday, adding to the blue-chip index's record close a session earlier.

Sentiment got a boost in the previous session after the Senate passed Joe Biden's $1.0trn infrastructure bill, which earmarked $550.0bn in new spending for transportation and the electric grid. While the bill will now make its way to the House, Speaker Nancy Pelosi has vowed to not bring the bill to the floor until the Senate also passes a budgetary proposal.

Wednesday's primary focus will be inflation data, which revealed the cost of living in the US edged past forecasts last month as food and energy prices continued advancing at a rapid clip.

According to the Department of Labor, the consumer price index jumped 0.5% month-on-month, keeping the annual rate of gains at 5.4%. Food and energy prices both increased by 0.7% on the month, while at the core level, CPI was up by 0.3% on the month and 4.3% on the year.

The yield on the benchmark 10-year Treasury note was trading slightly lower following the CPI report at 1.355% .

Also in focus was news that the Biden administration will call on OPEC+ to raise crude oil production further in order to lower prices at the pump.

Elsewhere on the macro front, mortgage applications rose across the US last month as the benchmark 30-year mortgage rate held below 3% for a second consecutive week. According to the Mortgage Bankers Association, mortgage applications rose 2.8% in the week ended 6 August.

Still to come, the Federal government's monthly budget statement will be published at 1900 BST.

In the corporate space, fast-food chain Wendy's posted quarterly revenue and earnings beats and increased its full-year dividend.

After the close, eBay and Bumble will all report earnings throughout the course of the day.