US open: Stocks higher as traders digest PCE reading

Wall Street stocks were in the green early on Friday as traders digested the latest personal consumption expenditure reading - the Federal Reserve's preferred inflation gauge.

As of 1515 BST, the Dow Jones Industrial Average was up 1.36% at 40,478.06, while the S&P 500 advanced 0.74% to 5,439.08 and the Nasdaq Composite came out the gate 0.49% firmer at 17,265.23.

The Dow opened 542.99 points higher on Friday, extending gains recorded in the previous session as market participants thumbed over some key data points and more corporate earnings.

Friday's primary focus was June's personal consumption expenditures price index, which revealed Americans continued to spend at a steady pace last month while inflation slowed alongside. Income growth however was lower than anticipated.

According to the Department of Commerce, in seasonally adjusted terms personal incomes and spending grew by 0.2% and 0.3% month-on-month, respectively. Economists had pencilled in increases of 0.4% and 0.3% Core PCE prices on the other hand rose by 0.2% on the month, keeping the annual rate steady at 2.6%.

Elsewhere on the macro front, the University of Michigan's consumer sentiment index was upwardly revised from a preliminary reading of 66 to 66.4 in July but remained at the lowest level seen in eight months.

In the corporate space, shares in medical devices outfit Dexcom nosedived in early trading on the back of full-year guidance that disappointed markets, while footwear group Deckers traded higher after posting Q1 earnings that came in ahead of expectations on the Street.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

3M Co. (MMM) $119.86 15.93%
Unitedhealth Group Inc. (UNH) $576.64 3.03%
Home Depot Inc. (HD) $361.40 2.30%
Caterpillar Inc. (CAT) $351.36 2.05%
Salesforce.Com Inc. (CRM) $261.77 2.05%
Walgreens Boots Alliance, Inc. (WBA) $11.44 1.87%
Goldman Sachs Group Inc. (GS) $500.79 1.85%
Nike Inc. (NKE) $72.52 1.55%
American Express Co. (AXP) $243.75 1.49%
Travelers Company Inc. (TRV) $212.23 1.43%

Dow Jones - Fallers

Microsoft Corp. (MSFT) $418.16 -2.49%
Apple Inc. (AAPL) $217.00 -1.01%
Intel Corp. (INTC) $31.40 -0.95%
Walmart Inc. (WMT) $69.38 -0.92%
Amgen Inc. (AMGN) $337.32 -0.55%
Verizon Communications Inc. (VZ) $39.75 -0.50%
Dow Chemical Co. (DOW) $52.77 -0.15%
Dowdupont Inc. (DWDP) $0.00 0.00%
International Business Machines Corporation (CDI) (IBM) $192.63 0.34%
Chevron Corp. (CVX) $158.17 0.40%

S&P 500 - Risers

Mohawk Inds Inc. (MHK) $157.37 17.00%
3M Co. (MMM) $119.86 15.93%
Charter Communications Inc. (CHTR) $367.74 15.74%
LKQ Corporation (LKQ) $39.67 10.00%
Norfolk Southern Corp. (NSC) $244.40 9.64%
National Oilwell Varco Inc. (NOV) $20.30 8.70%
Bristol-Myers Squibb (BMY) $48.77 7.73%
Stanley Black & Decker Inc. (SWK) $96.31 7.52%
Nasdaq Inc (NDAQ) $66.61 6.18%
CenturyLink Inc. (LUMN) $1.74 5.83%

S&P 500 - Fallers

Align Technology Inc. (ALGN) $222.90 -7.98%
Biogen Inc (BIIB) $215.34 -5.33%
Alphabet Inc. Class A (GOOGL) $164.10 -4.94%
Alphabet Inc. Class C (GOOG) $165.89 -4.92%
L3Harris Technologies Inc. (LHX) $231.40 -4.88%
Resmed Inc. (RMD) $199.36 -4.31%
Intuitive Surgical Inc. (ISRG) $438.15 -3.50%
Costco Wholesale Corp. (COST) $809.71 -2.81%
Microsoft Corp. (MSFT) $418.16 -2.49%
Equinix, Inc. (EQIX) $775.14 -2.39%

Nasdaq 100 - Risers

Charter Communications Inc. (CHTR) $367.74 15.74%
O'Reilly Automotive Inc. (ORLY) $1,105.00 5.17%
Illumina Inc. (ILMN) $122.93 4.69%
J.B. Hunt Transport Services Inc. (JBHT) $172.90 4.37%
Microchip Technology Inc. (MCHP) $86.69 4.33%
Comcast Corp. (CMCSA) $39.66 4.12%
American Airlines Group (AAL) $10.40 3.69%
Texas Instruments Inc (TXN) $201.39 3.40%
Fastenal Co. (FAST) $69.77 3.29%
Gilead Sciences Inc. (GILD) $77.93 3.22%

Nasdaq 100 - Fallers

Align Technology Inc. (ALGN) $222.90 -7.98%
Sirius XM Holdings Inc (SIRI) $3.72 -6.77%
Biogen Inc (BIIB) $215.34 -5.33%
Alphabet Inc. Class A (GOOGL) $164.10 -4.94%
Alphabet Inc. Class C (GOOG) $165.89 -4.92%
Trip.com Group Limited (TCOM) $42.76 -3.87%
NetEase Inc. Ads (NTES) $92.45 -3.76%
Intuitive Surgical Inc. (ISRG) $438.15 -3.50%
Costco Wholesale Corp. (COST) $809.71 -2.81%
Microsoft Corp. (MSFT) $418.16 -2.49%