US open: Stocks mixed following Dow's big session

Wall Street stocks mixed early on Wednesday following big gains for the blue-chip Dow Jones in the previous session.

As of 1530 BST, the Dow Jones Industrial Average was up 0.33% at 41,087.67, while the S&P 500 advanced 1.10% to 5,604.91 and the Nasdaq Composite came out the gate 2.23% weaker at 18,096.74.

The Dow opened 133.19 points higher on Wednesday, extending solid gains recorded in the previous session as traders became more optimistic on interest rate cuts.

Tech darling Nvidia was lower in early trading on the back of news that the Biden administration was considering tougher trade restrictions if companies continue to give Chinese firms access to US-made semiconductor technology, while Taiwan Semiconductor shares were also in the red on the news, with comments from Donald Trump that Taiwan should be paying the US for defence also weighing on the stock.

Trump also said he would allow Federal Reserve chairman Jerome Powell to serve out his term if he thought "he was doing the right thing", presumably referring to the central bank cutting interest rates.

On the macro front, US mortgage applications surged 3.9% week-on-week, according to the Mortgage Bankers Association of America, erasing the prior two week's declines and marking the sharpest increase in a month. Applications to refinance a mortgage soared 15%, offsetting a 3% drop in applications to purchase a home.

Elsewhere, homebuilding activity in the US picked up last month, but the details of the report were not as strong as it might appear at first hand. According to the Department of Commerce, in seasonally adjusted terms the number of housing starts grew at a month-on-month pace of 3.0% in June to reach an annual rate of 1.35m. In parallel, the number of permits issued for new home construction jumped by 3.4% over the month to reach 1.446m but those for single-family homes dropped by 2.3%.

Finally, industrial production in the States jumped in June, led by a surge in output from utilities.According to the Department of Commerce, in seasonally adjusted terms industrial output was ahead by 0.6% month-on-month. Economists had pencilled in a rise of 0.3%. The degree of capacity in use increased by five-tenths of a percentage point in comparison to the month before to reach 78.8%

In terms of Q2 earnings, US Bancorp said adjusted profits had fallen 10% as higher deposit costs weighed on interest income, while Johnson & Johnson beat quarterly profit expectations but cut its outlook on increased M&A costs.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $35.74 4.08%
Unitedhealth Group Inc. (UNH) $566.52 3.22%
Johnson & Johnson (JNJ) $154.57 2.36%
Walgreens Boots Alliance, Inc. (WBA) $11.87 1.19%
Travelers Company Inc. (TRV) $220.26 1.13%
Chevron Corp. (CVX) $159.48 1.08%
Verizon Communications Inc. (VZ) $41.82 0.89%
Procter & Gamble Co. (PG) $168.32 0.82%
Coca-Cola Co. (KO) $64.71 0.68%
McDonald's Corp. (MCD) $258.36 0.43%

Dow Jones - Fallers

Apple Inc. (AAPL) $228.72 -2.60%
Microsoft Corp. (MSFT) $443.53 -1.33%
Salesforce.Com Inc. (CRM) $253.92 -0.82%
American Express Co. (AXP) $247.65 -0.80%
Home Depot Inc. (HD) $367.64 -0.40%
3M Co. (MMM) $103.03 -0.27%
Walt Disney Co. (DIS) $98.23 -0.24%
Visa Inc. (V) $268.74 -0.19%
Amgen Inc. (AMGN) $332.56 -0.17%
Merck & Co. Inc. (MRK) $125.42 -0.02%

S&P 500 - Risers

VF Corp. (VFC) $15.01 5.52%
ProLogis (PLD) $127.66 5.08%
US Bancorp (USB) $45.12 4.23%
Intel Corp. (INTC) $35.74 4.08%
Citizens Financial Group, Inc. (CFG) $41.01 3.56%
Progressive Corp. (PGR) $217.28 3.47%
Valero Energy Corp. (VLO) $153.91 3.41%
Unitedhealth Group Inc. (UNH) $566.52 3.22%
Henry Schein Inc. (HSIC) $69.58 2.94%
AbbVie Inc (ABBV) $174.00 2.84%

S&P 500 - Fallers

Elevance Health Inc. (ELV) $515.20 -6.86%
Applied Materials Inc. (AMAT) $230.19 -6.37%
Lam Research Corp. (LRCX) $1,008.17 -6.30%
KLA-Tencor Corp. (KLAC) $814.21 -6.11%
QUALCOMM Inc. (QCOM) $197.09 -5.99%
Advanced Micro Devices Inc. (AMD) $167.27 -5.79%
J.B. Hunt Transport Services Inc. (JBHT) $165.81 -5.79%
Omnicom Group Inc. (OMC) $90.25 -5.35%
Charles Schwab Corp. (SCHW) $64.01 -5.07%
Broadcom Inc. (AVGO) $160.79 -5.07%

Nasdaq 100 - Risers

Intel Corp. (INTC) $35.76 4.15%
Henry Schein Inc. (HSIC) $70.09 3.70%
Gilead Sciences Inc. (GILD) $73.67 2.83%
Idexx Laboratories Inc. (IDXX) $510.89 2.28%
DENTSPLY Sirona Inc. (XRAY) $27.32 1.88%
Vodafone Group Plc ADS (VOD) $9.20 1.88%
Kraft Heinz Co. (KHC) $33.44 1.81%
Mondelez International Inc. (MDLZ) $67.01 1.69%
Monster Beverage Corp (MNST) $51.25 1.51%
Walgreens Boots Alliance, Inc. (WBA) $11.88 1.28%

Nasdaq 100 - Fallers

Asml Holdings N.V. (ASML) $967.79 -9.40%
KLA-Tencor Corp. (KLAC) $809.33 -6.67%
Lam Research Corp. (LRCX) $1,004.57 -6.64%
Applied Materials Inc. (AMAT) $229.80 -6.52%
QUALCOMM Inc. (QCOM) $196.84 -6.11%
J.B. Hunt Transport Services Inc. (JBHT) $166.24 -5.55%
Broadcom Inc. (AVGO) $161.03 -4.93%
Cadence Design Systems Inc. (CDNS) $297.58 -4.54%
Nvidia Corp. (NVDA) $120.97 -4.26%
Micron Technology Inc. (MU) $122.46 -3.95%