US pre-open: Stocks open higher following last week's heavy losses
Wall Street stocks were in the green early on Monday as major averages try to bounce back from their worst week of the year so far.
As of 1520 GMT, the Dow Jones Industrial Average was up 1.04% at 33,159.56, while the S&P 500 advanced 1.13% to 4,014.97 and the Nasdaq Composite came out the gate 1.37% firmer at 11,551.12.
The Dow opened 342.64 points higher on Monday after heavy losses in the previous session saw major averages register their worst weekly performance of 2023.
Going into the new week, the year-to-date stock market rally now looks to be fading, with traders starting to come to terms with minutes from the Federal Reserve's latest policy meeting, in with policymakers reiterated their tough stance on inflation, as well as comments from multiple central bankers that seemingly indicate that the interest rates could rise higher even still.
On the macro front, orders for goods made to last more than three years shrank more than expected in January as a surge in jet orders seen at the end of 2022 reversed. According to the Department of Commerce, in seasonally adjusted terms, durable goods orders shrank at a month-on-month pace of 4.5% to reach $272.26bn - worse than the 3.0% drop that economists had pencilled-in and came on top of a downwards revision to the prior month's jump.
Elsewhere, US pending home sales slumped 24.1% year-on-year, according to the National Association of Realtors, a 20th straight monthly decline.
Still to come, February's Dallas Fed manufacturing index will be released at 1530 GMT.
In the corporate space, Zoom Video will report earnings on Monday, while retailers Target, Costco, Lowe's and Macy's will all update on their most recent trading quarters before the week is out.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Boeing Co. (BA) $202.95 2.42%
3M Co. (MMM) $110.28 2.30%
Caterpillar Inc. (CAT) $240.81 1.96%
Goldman Sachs Group Inc. (GS) $370.09 1.72%
Cisco Systems Inc. (CSCO) $49.31 1.71%
Apple Inc. (AAPL) $148.87 1.47%
Nike Inc. (NKE) $119.75 1.45%
JP Morgan Chase & Co. (JPM) $142.96 1.44%
Microsoft Corp. (MSFT) $252.65 1.38%
Salesforce.Com Inc. (CRM) $164.43 1.37%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $57.57 -0.38%
Merck & Co. Inc. (MRK) $109.51 -0.35%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walmart Inc. (WMT) $142.79 0.22%
American Express Co. (AXP) $174.78 0.30%
Chevron Corp. (CVX) $163.06 0.40%
Amgen Inc. (AMGN) $234.81 0.49%
Johnson & Johnson (JNJ) $156.88 0.58%
Walgreens Boots Alliance, Inc. (WBA) $36.02 0.62%
Procter & Gamble Co. (PG) $140.13 0.62%
S&P 500 - Risers
Union Pacific Corp. (UNP) $213.07 9.82%
Ford Motor Co. (F) $12.39 4.29%
Autodesk Inc. (ADSK) $199.78 3.77%
Albemarle Corp. (ALB) $258.56 3.62%
Arconic Inc. (ARNC) $22.62 3.62%
Mosaic Company (MOS) $53.30 3.48%
Netflix Inc. (NFLX) $327.23 3.18%
Carnival Corp. (CCL) $10.92 3.13%
Expedia Group Inc. (EXPE) $107.38 2.94%
Pioneer Natural Resources Co. (PXD) $202.15 2.84%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $1.43 -4.03%
CenturyLink Inc. (LUMN) $3.52 -1.26%
Coterra Energy Inc. (CTRA) $25.32 -0.96%
Pfizer Inc. (PFE) $41.35 -0.95%
ConocoPhillips (COP) $104.61 -0.61%
Henry Schein Inc. (HSIC) $80.34 -0.59%
Charles Schwab Corp. (SCHW) $80.24 -0.45%
Linde Plc (LIN) $346.19 -0.42%
Allstate Corp (The) (ALL) $131.11 -0.36%
Merck & Co. Inc. (MRK) $109.51 -0.35%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $207.62 5.46%
Autodesk Inc. (ADSK) $199.78 3.77%
Vodafone Group Plc ADS (VOD) $12.11 3.72%
Baidu Inc. (BIDU) $137.39 3.68%
Netflix Inc. (NFLX) $327.23 3.18%
Expedia Group Inc. (EXPE) $107.38 2.94%
Qurate Retail Inc. (QRTEA) $2.12 2.91%
Booking Holdings Inc. (BKNG) $2,517.95 2.67%
Trip.com Group Limited (TCOM) $35.56 2.23%
Lam Research Corp. (LRCX) $488.74 2.12%
Nasdaq 100 - Fallers
Henry Schein Inc. (HSIC) $80.34 -0.59%
JD.com, Inc. (JD) $44.67 -0.28%
Dish Network Corp. (DISH) $13.23 -0.26%
Seagate Technology Plc (STX) $66.02 -0.11%
NetEase Inc. Ads (NTES) $78.57 -0.10%
Activision Blizzard Inc. (ATVI) $76.77 -0.07%
Celgene Corp. (CELG) $0.00 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $0.00 0.00%
Citrix Systems Inc. (CTXS) $103.90 0.00%
Xilinx Inc. (XLNX) $0.00 0.00%