US open: Stocks reverse Tuesday's losses ahead of FOMC minutes

By Sharecast News

Sharecast News | 04 Jan, 2023

Updated : 14:35

Wall Street stocks were in the green early on Wednesday as market participants looked ahead to some key data points later in the session.

As of 1435 GMT, the Dow Jones Industrial Average was up 0.35% at 33,253.79, while the S&P 500 advanced 0.50% to 3,843.41 and the Nasdaq Composite came out the gate 0.77% firmer at 10,466.72.

The Dow opened 117.42 points higher on Wednesday, easily reversing modest losses recorded in the previous session as major indices struggled for direction on the first trading day of the new year.

Positive inflation data out of Europe was boosting sentiment at the open, including a better-than-expected fall in France's consumer price index and a decline in import prices in Germany.

However, Wednesday's primary focus will be on the release of minutes from the Federal Open Markets Committee's latest meeting at 1900 GMT, with investors set to thumb through the notes for any hints of the central bank's future moves, as will the Institute for Supply Management's December manufacturing PMI at 1500 GMT

Elsewhere on the macro front, mortgage applications fell 10.3% to a 27-year low in the week ended 30 December, according to the Mortgage Bankers Association of America, driven by a 12% crash in the purchase index and a 4.4% drop in refinancing applications.

Still to come, November JOLTs job data will also be on deck at 1500 GMT.

No major corporate earnings were slated for release on Wednesday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Boeing Co. (BA) $195.39 2.57%
Walt Disney Co. (DIS) $88.97 2.41%
3M Co. (MMM) $122.47 2.13%
Verizon Communications Inc. (VZ) $40.12 1.83%
Salesforce.Com Inc. (CRM) $134.78 1.65%
Nike Inc. (NKE) $118.75 1.49%
Dow Chemical Co. (DOW) $51.04 1.29%
Walmart Inc. (WMT) $143.60 1.28%
Intel Corp. (INTC) $26.73 1.14%
Johnson & Johnson (JNJ) $178.19 0.87%