US open: Stocks edge higher as investors wait on key data, Q2 earnings

By Sharecast News

Sharecast News | 11 Jul, 2023

Updated : 16:10

16:00 22/11/24

147.47
2.83%4.06

Max: 147.85
Min: 143.49

Volume: 3,301,195
MM 200 : 173.79

Wall Street was trading slightly on the front foot on Tuesday as investors eyed a key inflation reading due out on the following day.

At 1552 BST, the Dow Jones Industrial Average was higher by 0.37% to 34,065.68, alongside a 0.21% gain for the S&P 500 to 4,418.16, while the Nasdaq Composite was edging up 0.15% to 13,708.06.

In parallel, West Texas Intermediate crude oil futures were climbing 1.25% to $72.24 a barrel on the NYMEX.

"Equity indices continue to cautiously regain some of last week's losses ahead of Wednesday's US inflation reading and as earnings season kicks off later in the week," said IG senior market analyst Axel Rudolph.

Rudolph also attributed the rally in oil products and natural gas to tight supply as OPEC+'s production cuts reached nearly 5.2m barrels a day.

The consumer price index for June was scheduled for release on Wednesday at 1330 BST, while the producer price index was due on Thursday.

On the corporate front, Microsoft was in the headlines after the software giant announced fresh job cuts via an internal e-mail to staff.

Boeing shares were little changed despite announcing 135 new commercial airliner deliveries during the second quarter for a year-to-date total of 266.

Worth noting, the second-quarter earnings season was set to kick off at the end of the same week, with results due from the likes of JPMorgan, Citigroup and Wells Fargo, among others, on Friday.

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $219.25 3.03%
3M Co. (MMM) $99.94 2.83%
Caterpillar Inc. (CAT) $253.40 1.84%
American Express Co. (AXP) $173.24 0.89%
Walt Disney Co. (DIS) $88.86 0.87%
Dow Chemical Co. (DOW) $53.70 0.81%
Walgreens Boots Alliance, Inc. (WBA) $30.02 0.78%
Travelers Company Inc. (TRV) $170.19 0.66%
Cisco Systems Inc. (CSCO) $51.74 0.66%
JP Morgan Chase & Co. (JPM) $146.05 0.62%