US open: Stocks edge up ahead of key inflation reading, Fed meeting
Stocks on Wall Street were heading higher in early trading on Monday as investors eyed a key inflation reading due out during the next session and the latest policy announcement from the Federal Reserve in two days' time.
At 1522 BST, the Dow Jones Industrial Average futures was ahead by 0.17% at 33,927.70, the S&P 500 was up by 0.18% to 4,307.30 and the Nasdaq Composite was gaining 0.47% to 13,324.78.
Joshua Mahony, chief market analyst Scope Markets, said: "Wall Street futures are finding support off the back of a solid performance amongst Japanese equities in the week’s opening session, along with modest gains being posted across Europe.
"The underlying theme here appears to be growing confidence that the Federal Reserve will hold fire at this week’s rate setting meeting [...]."
In equity markets, clinical stage biopharmaceutical company Chinook Therapeutics surged 56% after agreeing to be bought by Novartis for up to $3.5bn.
Under the terms of the deal, shareholders of Chinook - which has two high value, late-stage assets in development for the treatment of a rare progressive chronic kidney disease - will receive $40 per share, plus a plus a contingent value right with a value of up to $4 per share payable in cash upon the achievement of certain regulatory milestones.
Investors were also digesting news that Nasdaq had agreed to buy financial software firm Adenza in a $10.5bn deal.
Dow Jones - Risers
Intel Corp. (INTC) $32.36 3.25%
3M Co. (MMM) $102.32 2.43%
Home Depot Inc. (HD) $302.20 1.48%
Salesforce.Com Inc. (CRM) $218.36 1.46%
Caterpillar Inc. (CAT) $238.75 1.11%
Visa Inc. (V) $225.60 0.88%
Verizon Communications Inc. (VZ) $35.72 0.85%
American Express Co. (AXP) $173.18 0.68%
Walt Disney Co. (DIS) $92.53 0.59%
Walgreens Boots Alliance, Inc. (WBA) $31.60 0.57%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $109.40 -1.15%
Amgen Inc. (AMGN) $216.73 -0.93%
Unitedhealth Group Inc. (UNH) $489.17 -0.90%
Nike Inc. (NKE) $105.20 -0.68%
Chevron Corp. (CVX) $158.15 -0.67%
Coca-Cola Co. (KO) $60.18 -0.56%
Johnson & Johnson (JNJ) $159.13 -0.55%
Procter & Gamble Co. (PG) $145.70 -0.42%
Microsoft Corp. (MSFT) $325.68 -0.34%
Travelers Company Inc. (TRV) $175.29 -0.16%
S&P 500 - Risers
Carnival Corp. (CCL) $14.93 14.06%
Norwegian Cruise Line Holdings Ltd (NCLH) $18.71 8.97%
Advance Auto Parts (AAP) $66.93 5.27%
Oracle Corp. (ORCL) $115.10 4.78%
American Airlines Group (AAL) $16.33 4.34%
Kohls Corp. (KSS) $23.00 4.24%
Zions Bancorporation (ZION) $32.15 4.18%
Lincoln National Corp. (LNC) $24.01 3.94%
Vornado Realty Trust (VNO) $16.05 3.89%
Dish Network Corp. (DISH) $6.80 3.59%
S&P 500 - Fallers
Nasdaq Inc (NDAQ) $52.08 -9.95%
CME Group Inc. (CME) $179.44 -2.93%
FMC Technologies Inc. (FTI) $14.57 -2.35%
T. Rowe Price Group Inc. (TROW) $112.10 -2.07%
Intercontinental Exchange Inc (ICE) $107.76 -2.04%
ProLogis (PLD) $118.95 -1.95%
Apache Corp. (APA) $32.81 -1.78%
Diamondback Energy Inc. (FANG) $130.60 -1.63%
Eog Resources Inc. (EOG) $114.59 -1.43%
Pioneer Natural Resources Co. (PXD) $202.10 -1.32%
Nasdaq 100 - Risers
American Airlines Group (AAL) $16.33 4.91%
Dish Network Corp. (DISH) $6.80 3.89%
Intel Corp. (INTC) $32.42 3.46%
Broadcom Inc. (AVGO) $828.83 3.01%
Qurate Retail Inc. (QRTEA) $1.04 2.97%
Illumina Inc. (ILMN) $206.11 2.78%
Seagate Technology Plc (STX) $62.44 2.55%
Adobe Systems Inc. (ADBE) $464.14 2.23%
Charter Communications Inc. (CHTR) $335.15 2.03%
Ross Stores Inc. (ROST) $105.37 2.01%
Nasdaq 100 - Fallers
Vodafone Group Plc ADS (VOD) $9.14 -2.51%
Trip.com Group Limited (TCOM) $37.10 -1.80%
Sirius XM Holdings Inc (SIRI) $3.76 -1.44%
eBay Inc. (EBAY) $45.24 -1.26%
Mercadolibre Inc. (MELI) $1,198.18 -0.86%
Check Point Software Technologies Ltd. (CHKP) $125.07 -0.85%
T-Mobile Us, Inc. (TMUS) $130.30 -0.81%
Mondelez International Inc. (MDLZ) $72.42 -0.76%
Booking Holdings Inc. (BKNG) $2,588.00 -0.70%
Amgen Inc. (AMGN) $217.24 -0.69%