US open: Stocks trade higher after manufacturing PMIs

Wall Street stocks were mostly higher early on Monday as a week headlined by corporate earnings and the Federal Reserve's two-day policy meeting started off with both the ISM and IHS Markit's manufaturing PMIs.

As of 1525 BST, the Dow Jones Industrial Average was up 0.15% at 35,874.44, while the S&P 500 was 0.02% firmer at 4,606.22 and the Nasdaq Composite came out the gate 0.33% stronger at 15,550.10.

The Dow opened 54.88 points higher on Monday after all three major averages saw out the previous session at fresh record highs.

In focus early on Monday, reopening plays like Ford and Occidental Petroleum were trading higher, while shares in America's newest trillion-dollar company Tesla also advanced at the open.

As third-quarter earnings season carries on throughout the course of the week, with meme stock favourite AMC Entertainment reporting its best month since the pandemic in October.

Traders were also looking ahead to the Federal Reserve's two-day meeting on Tuesday and Wednesday, with the central bank expected to reveal that it will soon start to unwind its $120.0bn monthly bond-buying programme before halting it entirely by the midway point of 2022.

On the macro front, IHS Markit's manufacturing purchasing managers index expanded at a slightly slower pace in October, with the PMI dropping from 60.7 in September to 58.4 past month, short of a flash estimate of 59.2.

Elsewhere, ISM's manufacturing PMI revealed that economic activity in the manufacturing sector grew in October, albeit at a slightly slower pace than in September. The October manufacturing PMI registered 60.8%, a decrease of 0.3 percentage points from the September reading of 61.1%, indicating expansion in the overall economy for the 17th month in a row.

Still on data, the Commerce Department revealed that construction spending unexpectedly fell 0.5% in September, reversing August's 0.1% increase.

Dow Jones - Risers

Dow Chemical Co. (DOW) $57.46 2.66%
Amgen Inc. (AMGN) $211.29 2.09%
Boeing Co. (BA) $210.92 1.88%
McDonald's Corp. (MCD) $249.84 1.75%
Walgreens Boots Alliance, Inc. (WBA) $47.60 1.23%
Visa Inc. (V) $213.85 0.98%
Intel Corp. (INTC) $49.46 0.93%
Caterpillar Inc. (CAT) $205.83 0.89%
Walt Disney Co. (DIS) $170.04 0.57%
Salesforce.Com Inc. (CRM) $300.64 0.32%

Dow Jones - Fallers

Microsoft Corp. (MSFT) $327.44 -1.26%
Unitedhealth Group Inc. (UNH) $454.95 -1.20%
Home Depot Inc. (HD) $368.80 -0.79%
Apple Inc. (AAPL) $148.68 -0.75%
Travelers Company Inc. (TRV) $160.12 -0.48%
Cisco Systems Inc. (CSCO) $55.72 -0.46%
Nike Inc. (NKE) $166.55 -0.44%
Coca-Cola Co. (KO) $56.13 -0.43%
JP Morgan Chase & Co. (JPM) $169.41 -0.28%
3M Co. (MMM) $178.21 -0.26%

S&P 500 - Risers

Franklin Resources Inc. (BEN) $35.00 11.15%
Affiliated Mgrs Group (AMG) $186.01 10.80%
Macy's Inc. (M) $28.18 6.48%
Harley-Davidson Inc. (HOG) $38.83 6.41%
Alliance Data Systems Corp. (ADS) $90.47 6.12%
Deere & Co. (DE) $361.93 5.73%
Nektar Therapeutics (NKTR) $16.02 5.67%
Align Technology Inc. (ALGN) $659.67 5.65%
Kohls Corp. (KSS) $51.13 5.36%
National Oilwell Varco Inc. (NOV) $14.72 4.96%

S&P 500 - Fallers

Aon plc (AON) $307.86 -3.77%
Edwards Lifesciences Corp. (EW) $115.52 -3.59%
L3Harris Technologies Inc. (LHX) $223.04 -3.26%
Fortinet Inc. (FTNT) $325.51 -3.22%
Gallagher Arthur J (AJG) $162.62 -3.01%
Willis Towers Watson Public Limited Company (WLTW) $235.44 -2.82%
Mid Amer Apt Commun (MAA) $198.63 -2.73%
Marsh & McLennan Companies Inc. (MMC) $162.49 -2.58%
Msci Inc. (MSCI) $648.00 -2.54%
Realty Income Corp. (O) $69.64 -2.51%

Nasdaq 100 - Risers

NetEase Inc. Ads (NTES) $103.15 5.70%
Align Technology Inc. (ALGN) $659.67 5.65%
Qurate Retail Inc. (QRTEA) $11.03 5.65%
JD.com, Inc. (JD) $81.71 4.38%
Baidu Inc. (BIDU) $169.05 4.20%
Dollar Tree Inc (DLTR) $112.12 4.05%
Seagate Technology Plc (STX) $92.56 3.92%
Microchip Technology Inc. (MCHP) $76.83 3.70%
Wynn Resorts Ltd. (WYNN) $93.04 3.61%
Tesla Inc (TSLA) $1,153.97 3.59%

Nasdaq 100 - Fallers

Hologic Inc. (HOLX) $71.76 -2.11%
Adobe Systems Inc. (ADBE) $638.17 -1.87%
Alphabet Inc. Class A (GOOGL) $2,908.21 -1.78%
Intuit Inc. (INTU) $615.35 -1.70%
Alphabet Inc. Class C (GOOG) $2,915.22 -1.69%
Intuitive Surgical Inc. (ISRG) $355.53 -1.55%
Paychex Inc. (PAYX) $121.44 -1.49%
CSX Corp. (CSX) $35.69 -1.33%
Microsoft Corp. (MSFT) $327.44 -1.26%
Amazon.Com Inc. (AMZN) $3,336.00 -1.08%