US open: Stocks trade higher as investors look ahead to Powell testimony

Wall Street stocks were in the green early on Monday as traders held their breath for a number of economic data points and comments from policymakers scheduled for later in the week.

As of 1530 GMT, the Dow Jones Industrial Average was up 0.35% at 33,507.83, while the S&P 500 advanced 0.62% to 4,070.55 and Nasdaq Composite came out the gate 0.86% stronger at 11,789.59.

The Dow opened 116.86 points higher on Monday, extending solid gains recorded in the previous session as all three major averages wrapped up the week in positive territory despite elevated Treasury yields.

Market participants will look ahead to congressional testimony from Federal Reserve chairman Jerome Powell, which will hopefully provide insight into exactly what the central bank thinks about inflation and what its rate-hiking campaign will look like going forward.

Investors were also patiently awaiting February's jobs report on Friday, which comes after red hot numbers that revealed the US economy added 517,000 payrolls in the prior month. Economists expect to see a print of 225,000.

On the macro front, factory orders fell 1.6% month-on-month in January, according to the Census Bureau, following a downwardly revised 1.7% increase in December but still beating market expectations for a 1.8% decline. Orders for transportation tumbled 13.3%, while new orders rose for fabricated metal products; electrical equipment, appliances, and components; and machinery. Excluding transportation, factory orders rose 1.2%, bouncing back from a 1.2% fall in the previous month.

No major corporate earnings were slated for release on Monday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $154.81 2.50%
Microsoft Corp. (MSFT) $258.18 1.13%
Merck & Co. Inc. (MRK) $108.00 1.05%
Walt Disney Co. (DIS) $102.16 1.01%
Unitedhealth Group Inc. (UNH) $483.13 0.95%
Johnson & Johnson (JNJ) $155.44 0.92%
Coca-Cola Co. (KO) $59.99 0.92%
Visa Inc. (V) $225.47 0.76%
International Business Machines Corporation (CDI) (IBM) $130.58 0.73%
Travelers Company Inc. (TRV) $184.73 0.62%

Dow Jones - Fallers

Boeing Co. (BA) $210.91 -1.95%
Caterpillar Inc. (CAT) $252.86 -0.96%
Dow Chemical Co. (DOW) $57.83 -0.84%
Intel Corp. (INTC) $26.30 -0.40%
Chevron Corp. (CVX) $164.36 -0.36%
Walmart Inc. (WMT) $140.60 -0.05%
Walgreens Boots Alliance, Inc. (WBA) $36.08 -0.04%
Procter & Gamble Co. (PG) $140.90 -0.03%
Dowdupont Inc. (DWDP) $0.00 0.00%
Home Depot Inc. (HD) $298.81 0.12%

S&P 500 - Risers

CenturyLink Inc. (LUMN) $3.39 7.10%
Align Technology Inc. (ALGN) $350.04 4.63%
DENTSPLY Sirona Inc. (XRAY) $40.05 3.38%
Norwegian Cruise Line Holdings Ltd (NCLH) $16.75 3.17%
Sl Green Realty Corp. (SLG) $35.34 3.12%
Vornado Realty Trust (VNO) $20.01 2.56%
Emerson Electric Co. (EMR) $87.73 2.56%
Apple Inc. (AAPL) $154.81 2.50%
Juniper Networks Inc. (JNPR) $31.33 2.13%
Travel + Leisure Co (TNL) $43.44 2.07%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $1.42 -9.55%
Apache Corp. (APA) $40.01 -2.76%
Incyte Corp. (INCY) $75.44 -2.73%
Coterra Energy Inc. (CTRA) $25.68 -2.51%
Phillips 66 Common Stock (PSX) $103.43 -2.45%
Dollar Tree Inc (DLTR) $145.64 -2.35%
Diamondback Energy Inc. (FANG) $143.65 -2.12%
Eog Resources Inc. (EOG) $119.34 -2.00%
Boeing Co. (BA) $210.91 -1.95%
Edwards Lifesciences Corp. (EW) $80.51 -1.72%

Nasdaq 100 - Risers

Align Technology Inc. (ALGN) $350.04 4.63%
DENTSPLY Sirona Inc. (XRAY) $40.05 3.38%
Apple Inc. (AAPL) $154.81 2.50%
Micron Technology Inc. (MU) $57.92 2.02%
Netflix Inc. (NFLX) $321.03 1.86%
JD.com, Inc. (JD) $48.28 1.73%
Costco Wholesale Corp. (COST) $482.70 1.57%
Marriott International - Class A (MAR) $175.55 1.43%
Meta Platforms Inc. (META) $187.85 1.40%
Cognizant Technology Solutions Corp. (CTSH) $63.40 1.38%

Nasdaq 100 - Fallers

Biomarin Pharmaceutical Inc. (BMRN) $96.45 -4.69%
Incyte Corp. (INCY) $75.44 -2.73%
Dollar Tree Inc (DLTR) $145.64 -2.35%
Baidu Inc. (BIDU) $151.31 -1.40%
Tesla Inc (TSLA) $195.40 -1.21%
Asml Holdings N.V. (ASML) $630.09 -1.14%
Wynn Resorts Ltd. (WYNN) $114.97 -0.74%
Booking Holdings Inc. (BKNG) $2,605.14 -0.58%
Dish Network Corp. (DISH) $11.18 -0.45%
Illumina Inc. (ILMN) $220.27 -0.43%