US open: Dow Jones rallies almost 400 points at the bell

Wall Street stocks were firmly in the green early on Wednesday as traders refuse to give up hope of a possible "Santa rally".

As of 1530 GMT, the Dow Jones Industrial Average was up 1.17% at 33,234.27, while the S&P 500 advanced 1.09% to 3,863.15 and the Nasdaq Composite came out the gate 1.13% firmer at 10,665.94.

The Dow opened 384.53 points higher on Wednesday, extending gains recorded in the previous session.

Wednesday's primary focus will likely be the Conference Board's consumer confidence index, with data revealing Americans consumers were unexpectedly more upbeat at the end of 2022. The consumer confidence index jumped from a reading of 101.4 for November to 108.3 in December - its highest reading since the previous April and well ahead of expectations for a print of 101.

Elsewhere on the macro front, US mortgage applications rose 0.9% in the week ended 16 December, according to the Mortgage Bankers Association, cooling off from the previous week's 3.2% jump. Applications to refinance a home loan surged 6% as consumers took advantage of a fall in mortgage rates, while applications to purchase a home edged 0.1% lower.

On another note, existing home sales in the US slowed more than expected last month. According to the National Association of Realtors, in seasonally adjusted terms existing home sales dropped at a month-on-month pace of 7.7% in November to reach an annual rate of 4.09m. Economists had anticipated a reading of 4.20m.

In the corporate space, RiteAid posted earnings and revenues that beat estimates, while Micron Technologies will report its latest set of quarterly results after the close on Wednesday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Nike Inc. (NKE) $117.36 13.71%
Boeing Co. (BA) $194.32 3.20%
3M Co. (MMM) $123.38 2.13%
JP Morgan Chase & Co. (JPM) $132.73 1.56%
Dow Chemical Co. (DOW) $50.44 1.56%
Coca-Cola Co. (KO) $63.72 1.48%
Intel Corp. (INTC) $26.77 1.25%
Caterpillar Inc. (CAT) $237.93 1.18%
Travelers Company Inc. (TRV) $187.98 1.18%
Goldman Sachs Group Inc. (GS) $348.16 1.07%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $38.53 -2.53%
Honeywell International Inc. (HON) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Home Depot Inc. (HD) $314.99 0.05%
Unitedhealth Group Inc. (UNH) $521.07 0.17%
Microsoft Corp. (MSFT) $242.26 0.19%
International Business Machines Corporation (CDI) (IBM) $141.57 0.21%
Amgen Inc. (AMGN) $265.32 0.21%
Walt Disney Co. (DIS) $87.31 0.33%
Cisco Systems Inc. (CSCO) $47.54 0.37%

S&P 500 - Risers

Nike Inc. (NKE) $117.36 13.71%
Carnival Corp. (CCL) $8.64 6.67%
Under Armour Inc. Class A (UAA) $9.98 6.06%
Under Armour, Inc. (UA) $8.71 5.45%
Foot Locker Inc. (FL) $34.54 5.21%
Royal Caribbean Cr (RCL) $52.96 4.09%
Estee Lauder Co. Inc. (EL) $246.99 3.94%
FedEx Corp. (FDX) $170.80 3.92%
Bread Financial Holdings, Inc. (BFH) $37.30 3.38%
Boeing Co. (BA) $194.32 3.20%

S&P 500 - Fallers

Fortinet Inc. (FTNT) $48.26 -4.38%
Hilton Inc (HLT) $126.12 -2.60%
Walgreens Boots Alliance, Inc. (WBA) $38.53 -2.53%
CVS Health Corp (CVS) $93.23 -1.86%
Marriott International - Class A (MAR) $147.76 -1.76%
Altria Group Inc. (MO) $45.65 -1.70%
Albemarle Corp. (ALB) $229.98 -1.51%
HF Sinclair Corporation (DINO) $49.79 -0.93%
Elevance Health Inc. (ELV) $500.14 -0.89%
Sysco Corp. (SYY) $77.68 -0.77%

Nasdaq 100 - Risers

American Airlines Group (AAL) $12.91 3.00%
Idexx Laboratories Inc. (IDXX) $417.25 2.84%
Hasbro Inc (HAS) $56.07 2.34%
Cintas Corp. (CTAS) $454.11 2.29%
Charter Communications Inc. (CHTR) $316.16 2.22%
Broadcom Inc. (AVGO) $555.31 2.08%
Liberty Global plc Series A (LBTYA) $18.86 2.06%
Wynn Resorts Ltd. (WYNN) $84.23 2.01%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $447.24 1.83%
Liberty Global plc Series C (LBTYK) $19.20 1.83%

Nasdaq 100 - Fallers

Walgreens Boots Alliance, Inc. (WBA) $38.53 -2.53%
Marriott International - Class A (MAR) $147.76 -1.76%
Workday, Inc. (WDAY) $169.51 -1.50%
Dollar Tree Inc (DLTR) $138.43 -0.56%
Check Point Software Technologies Ltd. (CHKP) $127.32 -0.55%
Alphabet Inc. Class C (GOOG) $89.28 -0.39%
Alphabet Inc. Class A (GOOGL) $88.72 -0.34%
Take-Two Interactive Software Inc. (TTWO) $97.79 -0.33%
T-Mobile Us, Inc. (TMUS) $139.95 -0.28%
Autodesk Inc. (ADSK) $187.41 -0.27%