US open: Stocks higher following retail sales

Wall Street stocks were in the green early on Monday as retail sales boosted sentiment and market participants prepared for the beginning of another corporate earnings season.

As of 1530 BST, the Dow Jones Industrial Average was up 0.43% at 38,145.54, while the S&P 500 advanced 0.34% to 5,140.83 and the Nasdaq Composite came out the gate 0.16% firmer at 16,200.25.

The Dow opened 162.30 points higher on Monday, erasing losses recorded on Friday as investors digested earnings from a number of big-name US banks.

Oil and gold prices traded lower at the open as investors seemingly looked past Iran's launch of drones and missiles on Israel over the weekend, despite the move marking the first direct attack on Israel from Iranian territory.

On the macro front, retail sales were up 0.6% month-on-month in February, according to the Census Bureau, following an upwardly revised 1.1% fall in January but below market forecasts for a 0.8% increase and suggesting a potential slowdown in consumer spending.

Elsewhere, the NY Empire State manufacturing index fell to -20.9 in March, down from -2.4 in February and significantly worse than forecasts for a reading of -7. Demand softened as new orders declined to -17.2 and shipments dropped to -6.9.

On another note, total business inventories, a key component of gross domestic product, rose by 0.4% month-on-month in February, according to the Census Bureau, following an unrevised reading for January and ahead of market forecasts of a 0.3% increase.

Finally, the National Association of Home Builders' housing market index was unchanged in April at 51.0, its highest level since July 2023, with the gauge for current sales conditions increasing one point to 57, and the component gauging traffic of prospective buyers improving by one point to 35.

In the corporate space, Goldman Sachs traded higher on the back of quarterly earnings that came in ahead of expectations on both the top and bottom lines, while Tesla shares headed south after news broke that the electric vehicle manufacturer will lay off roughly 10% of its workforce on the back of falling global sales.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Goldman Sachs Group Inc. (GS) $406.23 4.30%
JP Morgan Chase & Co. (JPM) $186.82 2.20%
Merck & Co. Inc. (MRK) $127.59 1.47%
Unitedhealth Group Inc. (UNH) $445.21 1.37%
Caterpillar Inc. (CAT) $370.60 1.36%
Intel Corp. (INTC) $36.15 1.29%
Nike Inc. (NKE) $93.15 1.25%
Johnson & Johnson (JNJ) $149.25 1.17%
Verizon Communications Inc. (VZ) $40.17 1.15%
Travelers Company Inc. (TRV) $223.21 0.95%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $280.50 -4.70%
Apple Inc. (AAPL) $174.88 -0.95%
Home Depot Inc. (HD) $340.87 -0.58%
Visa Inc. (V) $274.89 -0.39%
Walgreens Boots Alliance, Inc. (WBA) $17.79 -0.34%
Chevron Corp. (CVX) $158.80 -0.10%
Boeing Co. (BA) $169.49 -0.03%
Amgen Inc. (AMGN) $267.23 -0.02%
Dowdupont Inc. (DWDP) $0.00 0.00%
McDonald's Corp. (MCD) $267.41 0.01%

S&P 500 - Risers

M&T Bank Corp. (MTB) $142.84 6.15%
Goldman Sachs Group Inc. (GS) $406.23 4.30%
Charles Schwab Corp. (SCHW) $72.85 4.03%
Centene Corp. (CNC) $73.48 3.89%
PVH Corp. (PVH) $108.78 3.02%
MGM Resorts International (MGM) $43.74 2.97%
Cardinal Health Inc. (CAH) $107.82 2.59%
NRG Energy Inc. (NRG) $75.79 2.52%
JP Morgan Chase & Co. (JPM) $186.82 2.20%
Raymond James Fin Corp. (RJF) $125.17 2.14%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $1.59 -4.79%
Salesforce.Com Inc. (CRM) $280.50 -4.70%
Carmax Inc. (KMX) $69.32 -2.93%
Western Union Co. (WU) $12.89 -2.27%
Illumina Inc. (ILMN) $124.25 -2.22%
Globe Life Inc. (GL) $58.07 -1.73%
Lennar Corp. Class A (LEN) $157.25 -1.66%
Newmont Corporation (NEM) $38.03 -1.58%
Hanesbrands Inc. (HBI) $4.78 -1.55%
Extra Space Storage (EXR) $138.88 -1.28%

Nasdaq 100 - Risers

Applied Materials Inc. (AMAT) $212.24 2.11%
Nvidia Corp. (NVDA) $900.09 2.07%
KLA-Tencor Corp. (KLAC) $694.79 2.06%
Trip.com Group Limited (TCOM) $49.81 1.95%
PACCAR Inc. (PCAR) $120.24 1.76%
Marriott International - Class A (MAR) $255.40 1.73%
Seagate Technology Plc (STX) $86.65 1.71%
JD.com, Inc. (JD) $25.78 1.56%
Lam Research Corp. (LRCX) $971.89 1.55%
Booking Holdings Inc. (BKNG) $3,583.18 1.45%

Nasdaq 100 - Fallers

Tesla Inc (TSLA) $165.29 -3.37%
Illumina Inc. (ILMN) $124.25 -2.22%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $437.20 -1.16%
Monster Beverage Corp (MNST) $54.41 -1.09%
Apple Inc. (AAPL) $174.88 -0.95%
Take-Two Interactive Software Inc. (TTWO) $145.89 -0.94%
Fastenal Co. (FAST) $69.91 -0.77%
Mondelez International Inc. (MDLZ) $66.20 -0.73%
Qurate Retail Inc. (QRTEA) $1.00 -0.64%
Check Point Software Technologies Ltd. (CHKP) $160.75 -0.61%