US open: Stocks trade higher following better-than-expected CPI reading

Wall Street stocks were in the green early on Tuesday as November's all-important inflation report seemed to indicate that inflation may be peaking.

As of 1515 GMT, the Dow Jones Industrial Average was up 1.36% at 34,467.69, while the S&P 500 advanced 2.21% to 4,078.83 and the Nasdaq Composite came out the gate 3.0% stronger at 11,477.97.

The Dow opened 462.65 points higher on Tuesday, easily extending solid gains recorded in the previous session.

Tuesday's main focus was news that the cost of living in the US slowed a bit more quickly than anticipated in November, as energy and used vehicle prices continued to retreat. According to the Department of Labor, the year-on-year rate of increase in the headline consumer price index slipped to 7.1%, while at the core level, the annual rate of increase slipped to 6.0%.

Elsewhere on the macro front, the National Federation of Independent Business' small business optimism index unexpectedly increased to 91.9 in November amid a slight ease in inflation pressures and better business conditions. The reading was up from 91.3 in October and also beat forecasts for a print of 90.4.

Also drawing an amount of investor attention, the Federal Reserve's two-day policy meeting kicked off on Tuesday and will wrap up on Wednesday after the central bank reaches its next rate-hiking decision. Traders expect to see a 50 basis point increase, down from the last few increases of 75 basis points.

In the corporate space, United Airlines announced that it will purchase at least 100 Boeing Dreamliners in an effort to replace its ageing fleet of wide-body aircraft.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $30.00 4.57%
Salesforce.Com Inc. (CRM) $138.92 4.36%
Microsoft Corp. (MSFT) $262.95 4.14%
Goldman Sachs Group Inc. (GS) $377.75 4.01%
Home Depot Inc. (HD) $340.74 3.89%
Apple Inc. (AAPL) $149.61 3.54%
Cisco Systems Inc. (CSCO) $50.69 2.82%
Nike Inc. (NKE) $115.16 2.76%
Walt Disney Co. (DIS) $97.20 2.68%
Chevron Corp. (CVX) $174.29 2.67%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $541.53 -0.79%
Dowdupont Inc. (DWDP) $0.00 0.00%
Honeywell International Inc. (HON) $0.00 0.00%
Amgen Inc. (AMGN) $277.31 0.19%
McDonald's Corp. (MCD) $277.25 0.23%
Travelers Company Inc. (TRV) $187.65 0.29%
Walmart Inc. (WMT) $148.83 0.55%
Merck & Co. Inc. (MRK) $109.66 0.63%
Coca-Cola Co. (KO) $64.39 0.66%
Boeing Co. (BA) $187.82 0.83%

S&P 500 - Risers

Svb Financial Group (SIVB) $242.16 8.40%
Invesco Ltd. (IVZ) $20.48 8.39%
Meta Platforms Inc. (META) $123.19 7.39%
Intuit Inc. (INTU) $440.53 7.24%
Equifax Inc. (EFX) $212.17 6.80%
Alphabet Inc. Class C (GOOG) $99.74 6.61%
Ansys Inc. (ANSS) $261.00 6.59%
Alphabet Inc. Class A (GOOGL) $99.45 6.58%
Nvidia Corp. (NVDA) $186.60 6.42%
Dish Network Corp. (DISH) $16.38 6.36%

S&P 500 - Fallers

United Airlines Holdings Inc (UAL) $42.86 -3.12%
Unum Group (UNM) $39.26 -2.22%
McKesson Corp. (MCK) $370.40 -1.95%
Centene Corp. (CNC) $85.27 -1.86%
Charles Schwab Corp. (SCHW) $78.87 -1.77%
CIGNA Corp. (CI) $335.97 -0.98%
M&T Bank Corp. (MTB) $150.21 -0.88%
Elevance Health Inc. (ELV) $529.61 -0.86%
Cardinal Health Inc. (CAH) $78.85 -0.85%
Delta Airlines Inc. (DAL) $34.49 -0.82%

Nasdaq 100 - Risers

Qurate Retail Inc. (QRTEA) $2.15 7.50%
Meta Platforms Inc. (META) $123.19 7.39%
Intuit Inc. (INTU) $440.53 7.24%
Alphabet Inc. Class C (GOOG) $99.74 6.61%
Alphabet Inc. Class A (GOOGL) $99.45 6.58%
Nvidia Corp. (NVDA) $186.60 6.42%
Dish Network Corp. (DISH) $16.38 6.36%
Applied Materials Inc. (AMAT) $115.82 5.90%
Autodesk Inc. (ADSK) $211.66 5.89%
Align Technology Inc. (ALGN) $206.39 5.84%

Nasdaq 100 - Fallers

O'Reilly Automotive Inc. (ORLY) $830.76 -0.43%
Activision Blizzard Inc. (ATVI) $77.11 -0.32%
Maxim Integrated Products Inc. (MXIM) $0.00 0.00%
Shire Plc Ads (SHPG) $0.00 0.00%
Celgene Corp. (CELG) $0.00 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $0.00 0.00%
Cerner Corp. (CERN) $0.00 0.00%
Mylan Inc. (MYL) $0.00 0.00%
Citrix Systems Inc. (CTXS) $103.90 0.00%
Xilinx Inc. (XLNX) $0.00 0.00%