US open: Stocks little changed as inflation data remains in focus

By Sharecast News

Sharecast News | 17 Nov, 2023

Updated : 15:36

Wall Street stocks were little changed at the opening bell as all three major averages remained on track to deliver weekly gains.

As of 1530 GMT, the Dow Jones Industrial Average was down 0.06% at 34,925.02, while the S&P 500 slipped 0.01% to 4,507.77 and the Nasdaq Composite came out the gate 0.11% weaker at 14,098.06.

The Dow opened 20.45 points lower on Friday, taking a bite out of gains recorded in the previous session as sentiment continued to be bolstered by tame inflation data.

Oil prices were broadly flat early on Friday but remained on course for a fourth straight week of declines as inventories rose and slowing industrial activity brought about concerns for future demand. West Texas Intermediate was up 2.40% at $74.65 a barrel, while Brent crude gained 2.53% to $79.38 a barrel.

Elsewhere, the yield on the benchmark 10-year Treasury note was higher at 4.458%, while its two-year counterpart was changing hands at 4.879%.

On the macro front, US housing starts and building permits both came in better than market expectations for October, according to figures from the Census Bureau and the Department of Housing and Urban Development.

Privately owned housing starts rose by 1.9% to 1.37m, slowing from the 3.1% growth in September but came ahead of the 1.35m consensus estimate. Meanwhile, permits for new construction projects on private housing – the more forward-looking measure of activity – increased by 1.1% to 1.487m. This came after a revised 4.5% slump in September to 1.47m, surprising analysts who had expected a drop to 1.45m.

Federal Reserve bankers Austan Goolsbee, Mary Daly, and Susan Collins will all speak throughout the course of the day.

In the corporate space, shares in clothing retailer Gap shot up 29.75% at the bell after posting better-than-expected third-quarter results.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Caterpillar Inc. (CAT) $252.51 1.73%
American Express Co. (AXP) $161.38 1.46%
Boeing Co. (BA) $208.98 1.15%
Walgreens Boots Alliance, Inc. (WBA) $20.98 1.11%
Chevron Corp. (CVX) $143.04 0.89%
Goldman Sachs Group Inc. (GS) $339.11 0.73%
JP Morgan Chase & Co. (JPM) $152.38 0.61%
Salesforce.Com Inc. (CRM) $222.69 0.56%
Visa Inc. (V) $249.69 0.45%
Travelers Company Inc. (TRV) $172.30 0.36%