US open: Stocks higher as Q2 earnings continue to roll in

Wall Street stocks were in the green early on Wednesday as investors digested another fat stack of corporate earnings and awaited the outcome of the Federal Reserve's latest policy meeting.

As of 1525 BST, the Dow Jones Industrial Average was up 0.39% at 31,885.12, while the S&P 500 was 1.24% firmer at 3,969.48 and the Nasdaq Composite came out the gate 2.42% stronger at 11,842.53.

The Dow opened 123.58 points higher on Wednesday, reclaiming some of the losses recorded in the previous session after earnings from retail giant Walmart weighed on sentiment.

Earnings were again in focus on Wednesday, with Bristol-Myers Squibb posting a second-quarter earnings and revenue beat, while Kraft Heinz also beat on earnings and raised full-year sales guidance, and T-Mobile boosted full-year subscriber growth forecasts.

Hilton Worldwide posted second-quarter earnings that smashed estimates and also raised full-year guidance, while Boeing reiterated its 2022 cash flow forecasts as it prepared to resume deliveries of its Dreamliner aircraft.

Still to come, Ford's latest set of quarterly earnings were due out later in the session, while Facebook parent company Meta Platforms, Qualcomm, and Etsy will publish their most recent quarterly earnings figures after the close.

The Federal Reserve will also draw a considerable amount of investor attention on Wednesday after the central bank kicked off its two-day policy meeting on Tuesday. Economists expect the Fed to announce a three-quarter percentage point interest rate hike at 1900 BST and will also look for clues on future interest rate movements at the bank's press conference at 1930 BST.

Elsewhere on the macro front, mortgage applications fell 1.80% on a seasonally adjusted basis in the week ended 22 July, according to the Mortgage Bankers Association of America, with the refinance index decreasing 4% week-on-week and the purchase index slipping 1% on the prior seven-day stretch.

Still on data, orders for goods made to last more than three years posted a sharp and unexpected rise last month, principally due to a near doubling in orders for defence aircraft. According to the Department of Commerce, total durable goods orders jumped at a month-on-month pace of 1.9% in June to reach approximately $272.6bn, with defence aircraft and parts orders soaring 80.6% to $9.76bn.

On another note, America's shortfall on trade in goods with the rest of the world shrank more quickly than expected last month, according to the Department of Commerce. In seasonally adjusted terms, the international trade deficit in goods narrowed 5.6% in June from roughly -$104.0m to -$98.2bn. Exports jumped by 2.5% in comparison to May, hitting $181.5bn, while imports dipped 0.5% to $279.7bn.

The Census Bureau revealed retail inventories, excluding automobiles, had increased 1.6% month-on-month in June, following an upwardly revised 1.4% rise in May, while the National Association of Realtors said Us pending home sales decreased 20% year-on-year in June for their biggest drop since April 2020's record 33.1% slump.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Microsoft Corp. (MSFT) $263.55 4.62%
Salesforce.Com Inc. (CRM) $176.08 3.30%
Boeing Co. (BA) $160.62 3.01%
Apple Inc. (AAPL) $154.48 1.90%
Walt Disney Co. (DIS) $101.64 1.86%
Intel Corp. (INTC) $39.60 1.63%
Visa Inc. (V) $215.76 1.54%
Nike Inc. (NKE) $106.46 1.19%
Walmart Inc. (WMT) $123.07 0.89%
Goldman Sachs Group Inc. (GS) $321.34 0.88%

Dow Jones - Fallers

Coca-Cola Co. (KO) $62.22 -1.57%
Home Depot Inc. (HD) $294.04 -1.39%
3M Co. (MMM) $138.98 -1.26%
Merck & Co. Inc. (MRK) $90.29 -1.10%
Johnson & Johnson (JNJ) $171.93 -1.01%
Amgen Inc. (AMGN) $248.84 -0.92%
Walgreens Boots Alliance, Inc. (WBA) $38.57 -0.72%
McDonald's Corp. (MCD) $255.49 -0.62%
Travelers Company Inc. (TRV) $160.13 -0.46%
Verizon Communications Inc. (VZ) $44.72 -0.45%

S&P 500 - Risers

Chipotle Mexican Grill Inc. (CMG) $1,495.69 13.62%
Paypal Holdings Inc (PYPL) $83.38 8.22%
Rockwell Automation Inc. (ROK) $237.38 8.18%
Boston Scientific Corp. (BSX) $40.36 6.32%
Texas Instruments Inc (TXN) $170.25 5.85%
Hilton Inc (HLT) $127.02 5.66%
Alphabet Inc. Class A (GOOGL) $110.77 5.48%
Alphabet Inc. Class C (GOOG) $111.11 5.38%
Nvidia Corp. (NVDA) $174.09 5.30%
Microsoft Corp. (MSFT) $263.55 4.62%

S&P 500 - Fallers

Sherwin-Williams Co. (SHW) $226.48 -10.94%
Kraft Heinz Co. (KHC) $35.56 -7.97%
Hess Corp. (HES) $101.09 -3.94%
Humana Inc. (HUM) $476.00 -3.31%
Norfolk Southern Corp. (NSC) $236.91 -3.15%
Masco Corp. (MAS) $53.41 -3.08%
Invesco Ltd. (IVZ) $16.34 -2.56%
CME Group Inc. (CME) $198.79 -2.45%
Campbell Soup Co. (CPB) $47.82 -2.41%
International Flavors & Fragrances Inc. (IFF) $118.14 -2.36%

Nasdaq 100 - Risers

Paypal Holdings Inc (PYPL) $83.38 8.22%
Texas Instruments Inc (TXN) $170.25 5.85%
Alphabet Inc. Class A (GOOGL) $110.77 5.48%
Alphabet Inc. Class C (GOOG) $111.11 5.38%
Nvidia Corp. (NVDA) $174.09 5.30%
Mercadolibre Inc. (MELI) $763.53 4.91%
Microsoft Corp. (MSFT) $263.55 4.62%
Expedia Group Inc. (EXPE) $102.04 4.42%
Automatic Data Processing Inc. (ADP) $226.59 3.98%
T-Mobile Us, Inc. (TMUS) $139.04 3.83%

Nasdaq 100 - Fallers

Kraft Heinz Co. (KHC) $35.56 -7.97%
Qurate Retail Inc. (QRTEA) $2.68 -2.55%
Vertex Pharmaceuticals Inc. (VRTX) $282.03 -2.15%
Regeneron Pharmaceuticals Inc. (REGN) $573.90 -1.49%
Dollar Tree Inc (DLTR) $156.06 -1.12%
J.B. Hunt Transport Services Inc. (JBHT) $167.62 -1.09%
Gilead Sciences Inc. (GILD) $59.97 -1.07%
Amgen Inc. (AMGN) $248.84 -0.92%
Fastenal Co. (FAST) $47.33 -0.80%
Henry Schein Inc. (HSIC) $76.99 -0.73%