US open: Stocks slightly higher as investors digest CPI report
Wall Street stocks were in the green early on Tuesday despite the all-important consumer price index registering a larger than expected increase in January.
As of 1505 GMT, the Dow Jones Industrial Average was up 0.01% at 34,249.95, while the S&P 500 advanced 0.33% to 4,150.95 and the Nasdaq Composite came out the gate 0.64% firmer at 11,967.59.
The Dow opened just 4.02 points higher on Tuesday, narrowly extending gains recorded in the previous session as stocks recovered some of last week's losses.
Tuesday's primary focus will be on January's CPI reading, which revealed the cost of living in the US increased by more than expected at the start of 2023.
According to the Department of Labor, the country's consumer price index, the Federal Reserve's preferred inflation gauge, rose by 0.5% month-on-month - a tenth of a percentage point more than anticipated by economists. At the core level meanwhile, CPI increased 0.4% on the month, ahead of consensus estimates for a jump of 0.3%.
Elsewhere on the macro front, the National Federation of Independent Business' small business optimism index rose to 90.3 in January, up from a six-month low of 89.9 in December, as the percentage of owners expecting to see business conditions improve over the next six months improved six points to -45%. However, 26% of business owners still singled out inflation as their single most pressing concern.
Still to come, Federal Reserve members Lorie Logan, Patrick Harker, and John Williams will deliver speeches at 1600 GMT, 1630 GMT and 1905 GMT, respectively.
In the corporate space, Coca-Cola beat guidance with its fourth-quarter results as strong demand and prices hikes helped it through the Christmas trading period, while Marriott posted an increased quarterly profit performance as strong demand buoyed the firm over the holidays.
Airbnb and TripAdvisor will update on their latest quarters after the close of trading.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Boeing Co. (BA) $220.88 2.43%
Nike Inc. (NKE) $125.39 0.19%
Walmart Inc. (WMT) $146.18 0.19%
Microsoft Corp. (MSFT) $271.64 0.12%
McDonald's Corp. (MCD) $266.42 0.08%
Coca-Cola Co. (KO) $60.64 0.07%
Chevron Corp. (CVX) $171.12 0.06%
Dowdupont Inc. (DWDP) $0.00 0.00%
Procter & Gamble Co. (PG) $139.97 -0.07%
Unitedhealth Group Inc. (UNH) $494.99 -0.07%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $59.66 -1.09%
Apple Inc. (AAPL) $152.33 -0.99%
Salesforce.Com Inc. (CRM) $169.40 -0.98%
Amgen Inc. (AMGN) $241.41 -0.92%
3M Co. (MMM) $114.24 -0.90%
Home Depot Inc. (HD) $320.69 -0.88%
Caterpillar Inc. (CAT) $246.21 -0.78%
Intel Corp. (INTC) $28.36 -0.65%
Walgreens Boots Alliance, Inc. (WBA) $36.92 -0.51%
Walt Disney Co. (DIS) $107.19 -0.44%
S&P 500 - Risers
Zoetis Inc (ZTS) $173.50 6.35%
Ipg Photonics Corp. (IPGP) $116.99 3.95%
Cadence Design Systems Inc. (CDNS) $192.77 3.81%
Ecolab Inc. (ECL) $152.80 3.32%
Nvidia Corp. (NVDA) $224.54 3.06%
Coty Inc. Class A (COTY) $11.51 3.04%
PerkinElmer Inc. (PKI) $142.52 2.76%
Arista Networks Inc. (ANET) $139.36 2.47%
Boeing Co. (BA) $220.88 2.43%
Fidelity National Information Services Inc. (FIS) $67.60 2.42%
S&P 500 - Fallers
Weyerhaeuser Co. (WY) $33.13 -3.11%
Synchrony Financial (SYF) $36.29 -2.00%
Newmont Corporation (NEM) $47.36 -1.95%
CF Industries Holdings Inc. (CF) $85.16 -1.95%
Illumina Inc. (ILMN) $211.87 -1.89%
Western Union Co. (WU) $14.18 -1.84%
Paypal Holdings Inc (PYPL) $78.03 -1.79%
Stanley Black & Decker Inc. (SWK) $87.68 -1.76%
Masco Corp. (MAS) $55.65 -1.61%
Svb Financial Group (SIVB) $306.64 -1.58%
Nasdaq 100 - Risers
Cadence Design Systems Inc. (CDNS) $192.77 3.81%
Nvidia Corp. (NVDA) $224.54 3.06%
Synopsys Inc. (SNPS) $370.05 2.29%
Vodafone Group Plc ADS (VOD) $11.94 2.27%
Tesla Inc (TSLA) $197.73 1.59%
Booking Holdings Inc. (BKNG) $2,451.46 1.17%
Marriott International - Class A (MAR) $175.87 0.86%
Idexx Laboratories Inc. (IDXX) $500.55 0.78%
Mercadolibre Inc. (MELI) $1,120.00 0.69%
Microchip Technology Inc. (MCHP) $84.85 0.62%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $211.87 -1.89%
Paypal Holdings Inc (PYPL) $78.03 -1.79%
Dollar Tree Inc (DLTR) $146.61 -1.24%
JD.com, Inc. (JD) $51.83 -1.14%
Verisk Analytics Inc. (VRSK) $177.11 -1.09%
Qurate Retail Inc. (QRTEA) $2.41 -1.02%
Apple Inc. (AAPL) $152.33 -0.99%
Sirius XM Holdings Inc (SIRI) $4.66 -0.96%
Amgen Inc. (AMGN) $241.41 -0.92%
Cintas Corp. (CTAS) $443.99 -0.89%