US open: Stronger-than-expected data buoys stocks

Wall Street's main averages pushed higher on the back of data which revealed that the number of job openings hit a two-year high in June, with investors having largely brushed off weak trade numbers out of China overnight.

As of 1609 BST, the Dow Jones Industrials was ahead by 01.3% or 27.18 points at 22,145.02, with the S&P 500 up by 4.02 points to 2,484.90 and the Nasdaq Composite rising by 0.19% or 12.31 points to 6,396.42.

From a sector stand-point, the best performance was being put in by the following groups of stocks: Aluminum (3.86%), Heavy construction (3.38%) and Clothing & Accessories (2.84%).

"The quiet summer period is very much upon us and markets are currently trading relatively flat as a result on Tuesday. Oil continues to be a little lively though as we await [American Petroleum Institute] inventory numbers later in the session and the conclusion of a two day meeting in Abu Dhabi," said Craig Erlam, senior market analyst at Oanda.

Job openings in the States experienced their largest increase in almost two years in June, the results of the US Department of Labor's JOLTS survey revealed. The number of openings jumped by 461,000 in June to reach 6.163m from an upwardly revised 5.702m (consensus: 5.75m) for May.

Also delivering a boost to sentiment, the National Federation of Independent Businesses's small business activity index rose from a reading of 103.6 for June to 105.2 in July (consensus: 103.5).

To take note of, according to Ian Shepherdson at Pantheon Macroeconomics the details of Tuesday's report were consistent with a recovery in core CPI inflation in the States.

Acting as a backdrop, data released on Tuesday morning revealed sharply weaker trade flows into and out of China in July.

Exports from Asia's largest economy slowed from a 17.3% year-on-year clip in June to 11.2% for July (consensus: 14.8%). Imports fared just as poorly, with purchases from overseas slowing from an annualised pace of 23.1% to 14.7% (consensus: 22.3%).

Shares in Michael Kors rocketed after telling investors like-for-like sales only dropped by 5.9% over the first three months of the year (consensus: -9.2%) and guiding higher for the second quarter.

Valeant Pharmaceuticals were on the up despite posting a second quarter loss and lowering it sales guidance for 2017.

Shares in pharmacy chain CVS Health Corp. were also on the front foot after its first quarter profit and sales numbers topped analysts' forecasts.

Sealed Air on the other hand may come under pressure after delivering lower than expected adjusted second quarter earnings per share of 35 cents.