US open: Stocks higher following preliminary GDP reading
Wall Street stocks were in the green early on Wednesday as market participants digested Q3 earnings and a preliminary Q3 GDP reading.
As of 1530 GMT, the Dow Jones Industrial Average was up 0.32% at 42,369.91, while the S&P 500 advanced 0.24% to 5,846.94 and the Nasdaq Composite came out the gate 0.28% firmer at 18,766.08.
The Dow opened 136.86 points higher on Wednesday, almost reversing losses recorded in the previous session.
Wednesday's primary focus will be Q3 earnings from a number of big-name US firms, with Meta Platforms and Microsoft set to report after the close.
Google parent company Alphabet exceeded expectations with strong quarterly revenue growth in its cloud unit, while chipmaker AMD traded lower on the back Q4 revenue guidance that failed to impress the Street.
Eli Lilly shares headed south at the opening bell after sales of its obesity drug fell well and truly short of expectations, fast food giant Chipotle shares were down after it delivered weaker-than-expected Q3 revenues and disappointing same-store sales, and trade bellwether Caterpillar was in the red after posting weaker-than-expected earnings.
Wednesday's other key headline was news that America's economy expanded at a steady clip during the third quarter on the back of robust consumer outlays. According to preliminary figures from the Department of Commerce, in seasonally adjusted terms the country's gross domestic product grew at an annual rate of 2.8%. That was only a tad less than the 3.0% clip observed over the three months ending in June and economists' forecasts calling for growth of 2.9%. Household consumption increased by 3.7%, led by a 6% jump in spending on goods, investment in non-residential equipment, meanwhile, jumped by 11.1% and government spending rose by 5% on the back of a 14.9% surge in defence outlays.
Elsewhere on the macro front, private sector hiring picked up in October notwithstanding hurricane recovery efforts, according to consultancy ADP, which reported a 233,000 rise in private sector payrolls, following a print of 159,000 for the month before and beating economists' forecasts for a reading of 233,000.
In other data news, US mortgage applications eased by 0.1% week-on-week in the seven days ended 25 October, according to the Mortgage Bankers Association, the lowest reading since July. Applications to refinance a mortgage fell by 6%, offsetting a 5% increase in applications to purchase a home.
Finally, pending home sales increased by 2.6% year-on-year in September, according to the National Association of Realtors, the first increase since March and the fastest since May 2021.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Visa Inc. (V) $291.76 3.51%
Boeing Co. (BA) $155.10 1.39%
JP Morgan Chase & Co. (JPM) $225.88 1.34%
American Express Co. (AXP) $273.71 1.21%
Microsoft Corp. (MSFT) $436.37 1.02%
Travelers Company Inc. (TRV) $251.11 0.98%
Coca-Cola Co. (KO) $66.18 0.95%
Goldman Sachs Group Inc. (GS) $528.80 0.86%
Unitedhealth Group Inc. (UNH) $566.48 0.77%
Chevron Corp. (CVX) $149.17 0.44%
Dow Jones - Fallers
Nike Inc. (NKE) $76.76 -2.09%
Intel Corp. (INTC) $22.53 -1.60%
International Business Machines Corporation (CDI) (IBM) $207.21 -1.53%
Apple Inc. (AAPL) $230.75 -1.25%
Caterpillar Inc. (CAT) $382.69 -1.24%
McDonald's Corp. (MCD) $292.70 -0.78%
3M Co. (MMM) $128.29 -0.75%
Verizon Communications Inc. (VZ) $41.15 -0.42%
Walgreens Boots Alliance, Inc. (WBA) $9.32 -0.27%
Procter & Gamble Co. (PG) $166.84 -0.20%
S&P 500 - Risers
FMC Corp. (FMC) $67.09 11.48%
Vulcan Materials Co. (VMC) $275.81 6.26%
Alphabet Inc. Class C (GOOG) $180.32 5.36%
Alphabet Inc. Class A (GOOGL) $178.42 5.15%
Unum Group (UNM) $64.65 4.90%
Zimmer Biomet Holdings Inc (ZBH) $108.34 4.29%
Humana Inc. (HUM) $267.51 3.78%
AbbVie Inc (ABBV) $196.33 3.63%
Martin Marietta Mtrl (MLM) $605.04 3.62%
Electronic Arts Inc. (EA) $150.80 3.56%
S&P 500 - Fallers
Qorvo, Inc. (QRVO) $73.89 -26.46%
Advanced Micro Devices Inc. (AMD) $149.82 -9.88%
DaVita Inc (DVA) $145.57 -8.00%
Skyworks Solutions Inc. (SWKS) $90.29 -7.90%
Chipotle Mexican Grill Inc. (CMG) $56.75 -6.45%
Eli Lilly and Company (LLY) $837.99 -6.26%
Boston Properties Inc. (BXP) $82.40 -4.78%
QUALCOMM Inc. (QCOM) $169.50 -3.69%
Accenture Plc (ACN) $350.96 -3.23%
Kraft Heinz Co. (KHC) $33.72 -3.12%
Nasdaq 100 - Risers
Alphabet Inc. Class C (GOOG) $180.32 5.36%
Alphabet Inc. Class A (GOOGL) $178.42 5.15%
Electronic Arts Inc. (EA) $150.80 3.56%
Verisk Analytics Inc. (VRSK) $270.52 2.60%
J.B. Hunt Transport Services Inc. (JBHT) $182.68 1.81%
Idexx Laboratories Inc. (IDXX) $454.99 1.60%
DENTSPLY Sirona Inc. (XRAY) $23.55 1.38%
Amazon.Com Inc. (AMZN) $193.23 1.26%
Tesla Inc (TSLA) $262.55 1.17%
Take-Two Interactive Software Inc. (TTWO) $164.10 1.12%
Nasdaq 100 - Fallers
Skyworks Solutions Inc. (SWKS) $90.29 -7.90%
QUALCOMM Inc. (QCOM) $169.50 -3.69%
Kraft Heinz Co. (KHC) $33.72 -3.12%
Asml Holdings N.V. (ASML) $693.48 -3.03%
Micron Technology Inc. (MU) $105.18 -2.77%
Microchip Technology Inc. (MCHP) $76.98 -2.62%
JD.com, Inc. (JD) $40.08 -2.58%
Biomarin Pharmaceutical Inc. (BMRN) $68.14 -2.53%
Lam Research Corp. (LRCX) $76.47 -2.34%
Applied Materials Inc. (AMAT) $186.00 -2.17%