US open: Stocks higher as traders digest data points

Wall Street trading got off to a positive start on Thursday as market participants digested a fresh batch of economic data.

As of 1530 BST, the Dow Jones Industrial Average was up 0.29% at 43,203.61, while the S&P 500 advanced 0.32% to 5,861.33 and the Nasdaq Composite came out the gate 0.48% firmer at 18,454.97.

The Dow opened 125.91 points higher on Thursday, extending gains recorded in the previous session.

Tech stocks were in the green at the opening bell after Taiwan Semiconductor posted unexpectedly strong Q3 results, sending US counterparts Nvidia, AMD and Super Micro Computers higher early on Thursday.

In terms of Thursday's corporate headlines, Uber was said to have explored a possible bid for travel booking website operator Expedia, according to the Financial Times, a move that would easily mark the ridesharing giant's biggest acquisition to date, while aluminium manufacturer Alcoa traded higher at the opening bell on the back of quarterly adjusted earnings that topped expectations.

On the macro front, Americans lined up for unemployment benefits at a decelerated pace in the week ended 12 October, according to the Labor Department, down from a 14-month high in the previous week. US initial jobless claims fell to 241,000, well below market expectations for a reading of 260,000, principally due to disruptions caused by Hurricanes Helene and Milton. Elsewhere, outstanding claims increased by 9,000 to 1.86m, while the four-week moving average, which aims to strip out week-to-week volatility, rose by 4,750 to 236,250.

Elsewhere, US retail sales rose more than expected in September, according to fresh data released on Thursday, driven by a broad-based increase across several sectors. According to the Commerce Department, the value of retail purchases grew by 0.4%, following a modest 0.1% increase in August. Excluding sales at auto dealerships and gasoline stations, retail sales advanced by an even stronger 0.7%. Out of 13 major retail categories, 10 saw gains, with notable increases in sectors such as miscellaneous retailers, as well as apparel and grocery stores.

On another note, the Philadelphia Federal Reserve's manufacturing index surged to 10.3 in October, a marked increase when compared to the previous month's reading of 1.7 and significantly ahead of expectations for a print of 3.

Still on data, US industrial production fell by 0.6% year-on-year in September, according to the Federal Reserve, the biggest decline seen in five months following a downwardly revised 0.2% drop in August. Mining fell 2.2% and manufacturing slipped 0.5%, while utilities production rose 0.6%.

Moving on, the NAHB's housing market index rose to 43 in October, up from 41 in September and ahead of expectations for a reading of 42 - the highest reading since June. The gauge for current sales conditions rose by two points to 47, while sales expectations in the upcoming six months increased by four points to 57.

Finally, business inventories rose by 0.3% in August, according to the Census Bureau, in line with both the prior month's revised growth rate and market estimates for a fifth consecutive monthly increase in business inventories. Stocks increased 0.1% at manufacturers and merchant wholesalers. On an annualised basis, business inventories grew by 2.4% in August.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Travelers Company Inc. (TRV) $261.11 7.47%
Intel Corp. (INTC) $22.55 1.05%
Visa Inc. (V) $290.45 1.02%
Chevron Corp. (CVX) $150.23 1.01%
American Express Co. (AXP) $284.34 0.94%
JP Morgan Chase & Co. (JPM) $225.28 0.73%
Goldman Sachs Group Inc. (GS) $533.69 0.72%
Caterpillar Inc. (CAT) $396.21 0.66%
Dow Chemical Co. (DOW) $53.22 0.53%
Johnson & Johnson (JNJ) $164.97 0.42%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $10.85 -2.03%
Unitedhealth Group Inc. (UNH) $563.39 -1.39%
International Business Machines Corporation (CDI) (IBM) $231.29 -1.02%
Coca-Cola Co. (KO) $70.25 -0.45%
3M Co. (MMM) $135.75 -0.44%
Merck & Co. Inc. (MRK) $110.03 -0.36%
Home Depot Inc. (HD) $417.16 -0.35%
Walmart Inc. (WMT) $80.95 -0.33%
Salesforce.Com Inc. (CRM) $290.15 -0.24%
Nike Inc. (NKE) $83.80 -0.16%

S&P 500 - Risers

Travelers Company Inc. (TRV) $261.11 7.47%
Snap On Inc. (SNA) $319.36 7.14%
M&T Bank Corp. (MTB) $200.27 5.77%
Expedia Group Inc. (EXPE) $158.55 5.11%
Hartford Financial Services Group Inc. (HIG) $123.13 2.93%
Sealed Air Corp. (SEE) $36.31 2.86%
Broadcom Inc. (AVGO) $181.74 2.79%
Danaher Corp. (DHR) $275.07 2.63%
Chubb Corp. (CB) $300.64 2.57%
United Airlines Holdings Inc (UAL) $73.81 2.49%

S&P 500 - Fallers

Elevance Health Inc. (ELV) $428.52 -13.77%
Centene Corp. (CNC) $62.98 -9.12%
Equifax Inc. (EFX) $274.97 -5.17%
CSX Corp. (CSX) $33.79 -4.74%
Crown Castle International (CCI) $111.88 -3.28%
J.B. Hunt Transport Services Inc. (JBHT) $174.34 -3.23%
Norfolk Southern Corp. (NSC) $249.15 -2.54%
AES Corp. (AES) $17.45 -2.46%
CVS Health Corp (CVS) $63.45 -2.42%
Walgreens Boots Alliance, Inc. (WBA) $10.85 -2.03%

Nasdaq 100 - Risers

Expedia Group Inc. (EXPE) $158.55 5.11%
Broadcom Inc. (AVGO) $181.74 2.79%
Micron Technology Inc. (MU) $111.58 2.14%
Microchip Technology Inc. (MCHP) $77.22 1.75%
Analog Devices Inc. (ADI) $231.12 1.60%
Illumina Inc. (ILMN) $146.04 1.50%
Nvidia Corp. (NVDA) $137.58 1.37%
Applied Materials Inc. (AMAT) $186.79 1.19%
Intel Corp. (INTC) $22.55 1.05%
QUALCOMM Inc. (QCOM) $173.16 0.98%

Nasdaq 100 - Fallers

CSX Corp. (CSX) $33.79 -4.74%
JD.com, Inc. (JD) $38.90 -4.04%
J.B. Hunt Transport Services Inc. (JBHT) $174.34 -3.23%
Baidu Inc. (BIDU) $92.22 -3.20%
Qurate Retail Inc. (QRTEA) $0.59 -2.95%
Trip.com Group Limited (TCOM) $57.81 -2.75%
NetEase Inc. Ads (NTES) $79.81 -2.51%
Walgreens Boots Alliance, Inc. (WBA) $10.85 -2.03%
Wynn Resorts Ltd. (WYNN) $98.31 -1.93%
Netflix Inc. (NFLX) $689.53 -1.78%