US open: Dow headed for weekly loss despite early gains

dl wall street wall st new york city new york stock exchange nyse dow jones nasdaq street sign nyc united states usa america pb — Sharecast / Alessandro D Andrea via Pixabay

Wall Street stocks were in the green early on Friday but were still on track for a losing week.

As of 1515 BST, the Dow Industrial Average was up 0.44% at 42,562.32, while the S&P 500 advanced 0.80% to 5,856.60 and the Nasdaq Composite came out the gate 1.28% firmer at 18,652.06.

The Dow opened 187.96 points higher on Friday, more than reversing losses recorded in the previous session as both IBM and Boing weighed on the blue-chip index.

Trade Nation's David Morrison said: "In the absence of a significant rally, the US majors are on course to post losses this week. But that doesn't mean that the rally is over.

"Next week sees five of the 'Magnificent Seven' report earnings with Apple, Microsoft, Meta, Apple and Amazon all on tap, rounded off with non-farms at the end of next week. This could prove a big test for the markets while also being a driver of sentiment as we head towards year-end."

The yield on the benchmark 10-year Treasury note was down more than three basis points at 4.186% shortly after the open, well and truly off highs of more than 4.25% seen earlier in the week.

On the macro front, durable goods orders decreased by 0.8% to $284.8bn in September, according to the Census Bureau, matching the previous month's revised drop.

Elsewhere, the University of Michigan's consumer sentiment index was upwardly revised to 70.5 in October from a preliminary reading of 68.9, marking a third straight monthly increase and the highest level seen since April.

In the corporate space, Colgate-Palmolive lifted the lower end of its FY sales guidance after beating Q3 estimates, while Newell Brands met Q3 expectations and raised guidance.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $22.97 2.81%
Salesforce.Com Inc. (CRM) $293.65 2.40%
Microsoft Corp. (MSFT) $431.68 1.64%
Unitedhealth Group Inc. (UNH) $569.42 1.54%
Walgreens Boots Alliance, Inc. (WBA) $9.48 1.50%
Walt Disney Co. (DIS) $96.48 1.13%
Cisco Systems Inc. (CSCO) $56.48 0.93%
Amgen Inc. (AMGN) $318.15 0.78%
Chevron Corp. (CVX) $151.35 0.60%
Apple Inc. (AAPL) $231.93 0.59%