US open: Wall Street mixed despite strong economic reports

US stocks were trading mixed as oil prices fell and on the heels of ‘hawkish’ rhetoric from some Fed officials overnight, apparently brushing off better-than-expected readings on retail sales and consumer confidence.

As of 16:26 BST the Dow Jones Industrials Average was slipping by 11.44 points to 17,709.54, the S&P 500 shed 0.24 points to 2,063.83 while the Nasdaq Composite was bucking the trend, tacking on 16.18 points or 0.31% to 4,752.36.

Strong retail sales and consumer confidence

US retail sales jumped by 1.3% month-on-month in April, surpassing forecasts for a 0.8% gain by a wide margin. Excluding automobiles they also came in ahead of forecasts, rising by 0.8% (consensus: 0.6%).

The University of Michigan’s consumer confidence index improved from a reading of 89.0 in the month before to 95.8, according to the preliminary results of the survey which are released nearer to the beginning of each month.

Analysts had forecast a smaller improvement to 89.5.

Friday’s better than expected economic data sent the yield on the policy sensitive two-year US Treasury note up by two basis points to 0.78%, but that on the 10-year yield was retreating two basis points to 1.73%.

Oil prices dropped after Russian Energy Minister Alexander Novak said on Thursday that he didn’t see the oil market balancing out until the first half of 2017.

West Texas Intermediate crude oil futures fell 0.842% to $46.31 per barrel.

Federal Reserve Bank of San Francisco speaks in Sacramento at 2100 BST, following speeches from fellow policymakers Esther George, Eric Rosengren and Loretta Mester on Thursday.

George, Rosengren and Mester all hinted that the Fed should raise interest rates due to a strengthening economy.

Elsewhere, Asia stocks were under pressure as the Japanese yen strengthened against the dollar.

European stocks were mostly lower as the International Monetary Fund warned a vote by the UK to leave the European Union would have a detrimental impact on the economy.

Meanwhile, among US corporate stocks, Apple was in the red as it said it will invest $1bn in Didi Chuxing Technology, China’s competitor to Uber Technologies.

Royal Dutch Shell’s US-listed shares could move after an estimated 2,100 barrels of crude leaked from the company’s facility in the Gulf of Mexico on Thursday.

J.C. Penney Co. Inc. slipped after the fashion retailer posted an unexpected 1.6% drop in first quarter sales to $2.81bn, versus the $2.92bn expected by markets.

S&P 500 - Risers
Nvidia Corp. (NVDA) $39.97 +12.37%
Kohls Corp. (KSS) $37.01 +5.29%
Seagate Technology Plc (STX) $19.42 +3.35%
Macy's Inc. (M) $32.16 +3.04%
Allergan plc (AGN) $222.40 +2.95%
ONEOK Inc. (OKE) $41.45 +2.88%
Newmont Mining Corp. (NEM) $34.10 +2.68%
Endo International Plc (ENDP) $13.75 +2.23%
Activision Blizzard Inc. (ATVI) $38.73 +2.16%
XL Group Plc (XL) $34.36 +1.93%

S&P 500 - Fallers
Nordstrom Inc. (JWN) $40.60 -10.24%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $74.53 -7.86%
Simon Property Group Inc. (SPG) $196.22 -3.83%
General Growth Properties Inc. (GGP) $27.18 -3.38%
United States Steel Corp. (X) $14.35 -3.11%
Ryder System Inc. (R) $66.79 -2.41%
Wal-Mart Stores Inc. (WMT) $65.37 -2.21%
Macerich Co (MAC) $75.37 -2.10%
Eastman Chemical Co. (EMN) $73.36 -1.93%
Humana Inc. (HUM) $162.67 -1.89%

Dow Jones I.A - Risers
Apple Inc. (AAPL) $91.18 +0.93%
American Express Co. (AXP) $64.78 +0.68%
Intel Corp. (INTC) $29.94 +0.60%
Pfizer Inc. (PFE) $33.31 +0.36%
Merck & Co. Inc. (MRK) $54.30 +0.33%
Microsoft Corp. (MSFT) $51.68 +0.33%
Cisco Systems Inc. (CSCO) $26.75 +0.30%
International Business Machines Corp. (IBM) $149.22 +0.26%
JP Morgan Chase & Co. (JPM) $61.87 +0.16%
Home Depot Inc. (HD) $134.33 +0.11%

Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $65.37 -2.21%
Caterpillar Inc. (CAT) $70.73 -1.35%
Chevron Corp. (CVX) $101.20 -0.90%
E.I. du Pont de Nemours and Co. (DD) $63.73 -0.86%
Verizon Communications Inc. (VZ) $51.07 -0.78%
Procter & Gamble Co. (PG) $81.79 -0.75%
Unitedhealth Group Inc. (UNH) $128.82 -0.71%
Walt Disney Co. (DIS) $101.04 -0.66%
Exxon Mobil Corp. (XOM) $89.12 -0.61%
Johnson & Johnson (JNJ) $113.55 -0.60%

Nasdaq 100 - Risers
Nvidia Corp. (NVDA) $39.97 +12.37%
Biomarin Pharmaceutical Inc. (BMRN) $83.31 +4.41%
Seagate Technology Plc (STX) $19.42 +3.35%
Endo International Plc (ENDP) $13.75 +2.23%
Activision Blizzard Inc. (ATVI) $38.73 +2.16%
Dish Network Corp. (DISH) $46.28 +1.87%
Incyte Corp. (INCY) $71.78 +1.76%
JD.com, Inc. (JD) $22.47 +1.63%
Check Point Software Technologies Ltd. (CHKP) $82.90 +1.57%
Tesla Motors Inc (TSLA) $210.38 +1.50%

Nasdaq 100 - Fallers
Western Digital Corp. (WDC) $35.80 -1.54%
Dollar Tree Inc (DLTR) $79.15 -1.42%
Amazon.Com Inc. (AMZN) $709.12 -1.23%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $46.62 -1.21%
Mattel Inc. (MAT) $30.96 -0.83%
Monster Beverage Corp (MNST) $148.92 -0.83%
Vodafone Group Plc ADS (VOD) $32.57 -0.82%
Walgreens Boots Alliance, Inc. (WBA) $79.23 -0.80%
Liberty Global plc Series C (LBTYK) $36.04 -0.80%
Costco Wholesale Corp. (COST) $145.56 -0.79%