US open: Stocks mostly higher after jobs and factory readings
Updated : 15:46
Stocks on Wall Street were mixed but regaining ground following the release of better-than-expected readings on the jobs market and factory activity.
A reduction in concern around the debt ceiling negotiations was also helping stocks.
In the background, Fed funds futures had moved higher, pricing in 37% odds of a 25 basis points rate hike to 5.25-5.5% on 14 June, following hawkish remarks from Dallas Fed chief Lorie Logan.
As at 1520 BST, the Dow Jones Industrials was dipping 0.16% or 32.69 points to 33,393.49, alongside a 0.25% or 10.28 point gain to 4,169.67 on the S&P 500.
The tech-heavy Nasdaq meanwhile was climbing 0.74% or 93.38 points to 12,595.58.
Significantly, US President Biden said he was "confident" of reaching a deal with the Republicans on the debt ceiling.
Meanwhile, on Thursday morning, Logan said she did not see enough justifications in the most recent data to justify a rate pause.
However, she did not exclude that possibility between now and then.
In other news, the US Department of Labor reported a 22,000 person drop in initial unemployment claims for the week ending on 13 May to reach 242,000 (consensus: 250,000).
Meanwhile, the Federal Reserve Bank of Philadelphia's regional factory index rose from a reading of -31.3 for April to -10.4 in May.
Existing home sales were reported as down by 3.4% month-on-month in April to reach an annual rate of 4.28m, just as expected.
On the corporate front, Walmart shares were adding 2% after the discount retailing giant lifted its outlook for adjusted earnings per share in FY 2024 from $5.90-6.05 to $6.10-6.20.