US open: Stocks trading on the front foot, Treasury yields snap higher

Stocks on Wall Street were trading mostly higher on Thursday, boosted by another batch of mostly stronger-than-expected economic reports.

"More hikes to follow and nowhere to hide for those needing to pretend and extend," BNY Mellon said ahead of the latest data dump.

"Data dependent policy means all stories matter. Ahead, the US weekly jobless claims, Fed Bostic and GDP revisions today may dent but not derail the mood of tenderly chasing value and carry. iFlow Mood holds up still as we end 2Q will a bit of cash capitulation."

Against that backdrop, as of 1526 BST the Dow Jones Industrial Average was adding 0.59% to 34,052.90, alongside a 0.18% gain for the S&P 500 to 4,384.30.

The tech-heavy Nasdaq Composite on the other hand was off by 0.10% to 13,578.42.

Weighing on the Nasdaq, the yield on the benchmark 10-year US Treasury note was climbing 13 basis points to 3.846%.

Gold futures were on the back foot and the Greenback higher.

According to the Department of Labor, in seasonally adjusted terms the number of initial unemployment claims during the week ending on 24 June dropped by 26,000 to reach 239,000 (consensus: 264,000).

On the back of that report, Nancy Vanden Houten at Oxford Economics said "the claims data probably aren't providing the evidence the Fed needs to determine the labor market is cooling enough to further ease pressure on wages and inflation.

"We have not added another rate hike to our baseline forecast but based on a recent data and a string of public appearances by Fed Chair Powell, we acknowledge a growing risk that the Fed increases rates at its July meeting."

Commerce meanwhile revised up its previous estimate for first quarter GDP growth from 1.3% to 2.0% and that for household consumption from 3.8% to 4.2%.

Dow Jones - Risers

Goldman Sachs Group Inc. (GS) $323.48 3.13%
JP Morgan Chase & Co. (JPM) $142.03 2.48%
Visa Inc. (V) $232.57 2.02%
Caterpillar Inc. (CAT) $246.63 1.97%
International Business Machines Corporation (CDI) (IBM) $133.43 1.27%
Boeing Co. (BA) $212.70 0.94%
Travelers Company Inc. (TRV) $169.84 0.87%
Nike Inc. (NKE) $113.89 0.76%
3M Co. (MMM) $99.31 0.75%
Dow Chemical Co. (DOW) $53.35 0.74%

Dow Jones - Fallers

Intel Corp. (INTC) $32.89 -2.02%
Walmart Inc. (WMT) $153.19 -1.38%
Procter & Gamble Co. (PG) $148.84 -0.77%
Microsoft Corp. (MSFT) $333.69 -0.64%
Salesforce.Com Inc. (CRM) $210.95 -0.58%
Coca-Cola Co. (KO) $60.19 -0.55%
Walt Disney Co. (DIS) $88.60 -0.26%
Amgen Inc. (AMGN) $221.14 -0.08%
Verizon Communications Inc. (VZ) $36.80 -0.05%
Home Depot Inc. (HD) $306.51 0.00%

S&P 500 - Risers

Gap Inc. (GPS) $9.00 5.39%
CenturyLink Inc. (LUMN) $2.29 5.05%
Hanesbrands Inc. (HBI) $4.51 4.27%
Dish Network Corp. (DISH) $6.88 4.17%
Wells Fargo & Co. (WFC) $42.01 3.41%
M&T Bank Corp. (MTB) $125.46 3.17%
Comerica Inc. (CMA) $43.44 3.16%
Goldman Sachs Group Inc. (GS) $323.48 3.13%
PACCAR Inc. (PCAR) $83.18 3.10%
PVH Corp. (PVH) $85.23 3.06%

S&P 500 - Fallers

Micron Technology Inc. (MU) $64.00 -4.58%
McCormick & Co. (MKC) $89.56 -2.49%
Intel Corp. (INTC) $32.89 -2.02%
D. R. Horton Inc. (DHI) $120.05 -1.76%
Boston Properties Inc. (BXP) $55.92 -1.57%
Nektar Therapeutics (NKTR) $0.56 -1.48%
Carnival Corp. (CCL) $17.03 -1.47%
Walmart Inc. (WMT) $153.19 -1.38%
Lennar Corp. Class A (LEN) $123.75 -1.36%
Alphabet Inc. Class A (GOOGL) $118.55 -1.36%

Nasdaq 100 - Risers

Dish Network Corp. (DISH) $6.88 4.17%
PACCAR Inc. (PCAR) $83.18 3.10%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $470.23 1.76%
J.B. Hunt Transport Services Inc. (JBHT) $181.33 1.39%
Intuitive Surgical Inc. (ISRG) $337.45 1.34%
Paypal Holdings Inc (PYPL) $66.89 1.30%
American Airlines Group (AAL) $17.77 1.23%
NetEase Inc. Ads (NTES) $97.29 1.20%
Align Technology Inc. (ALGN) $349.00 1.14%
Incyte Corp. (INCY) $61.64 1.13%

Nasdaq 100 - Fallers

Baidu Inc. (BIDU) $133.85 -5.60%
Micron Technology Inc. (MU) $64.00 -4.58%
JD.com, Inc. (JD) $34.04 -2.16%
Intel Corp. (INTC) $32.89 -2.02%
Sirius XM Holdings Inc (SIRI) $4.20 -1.76%
Alphabet Inc. Class A (GOOGL) $118.55 -1.36%
Alphabet Inc. Class C (GOOG) $119.46 -1.34%
Amazon.Com Inc. (AMZN) $127.44 -1.24%
Liberty Global plc Series C (LBTYK) $17.67 -1.22%
Mondelez International Inc. (MDLZ) $72.33 -1.22%