US open: Stocks higher as earnings remain in focus

US stocks were in the green early on Wednesday as market participants continued to thumb over corporate earnings.

As of 1545 GMT, the Dow Jones Industrial Average was up 0.38% at 38,666.67, while the S&P 500 advanced 0.68% at 4,987.81 and the Nasdaq Composite came out the gate 0.79% firmer at 15,732.83.

The Dow opened 145.31 points higher on Wednesday, building on solid gains recorded in the previous session as results from several mega-cap tech stocks took centre stage.

Earnings remained firmly in focus at the opening bell on Wednesday, with ridesharing giant Uber down despite topping expectations with its quarterly numbers, while Yum Brands was lower after falling short of consensus estimates, and Snap nose dived on the back of a revenue miss and weaker-than-expected guidance.

Disney, PayPal and Arm Holdings will all publish their latest set of quarterly results after the close.

On the macro front, US mortgage applications rose by 3.7% in the week ended 2 February, according to the Mortgage Bankers Association of America, trimming the 7.2% slump seen in the previous week and the fourth increase in the first five weeks of the year. Applications to refinance a home soared by 12.6%, while applications to purchase a new home slipped 0.6%.

Still to come, December consumer credit change data will be released at 2000 GMT, while Federal Reserve governors Michelle Bowman and Adriana Kugler will both deliver speeches throughout the course of the day.

Reporting by Iain Gilbert at Sharecast.com