US open: Major indices on track to claw back more losses

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

Major indices were in the green yet again early on Wednesday as stocks looked set to reclaim some more of their recent losses.

As of 1500 BST, the Dow Jones Industrial Average was up 0.92% at 39,357.68, while the S&P 500 advanced 1.41% to 5,313.92 and the Nasdaq Composite came out the gate 1.66% stronger at 16,638.33.

The Dow opened 360.02 points higher on Wednesday, extending gains recorded in the previous session after the blue-chip index snapped a three-day losing streak that culminated in it shedding more than 1,000 points on Monday.

On the macro front, mortgage applications surged by 6.9% in the week ended 2 August, according to the Mortgage Bankers Association, the sharpest increase in almost two months, erasing the prior two week's declines. Applications to refinance a mortgage soared almost 16%, while applications to purchase a new home ticked up just 1%.

Still to come, consumer credit change figures were slated for release at 2000 BST.

In the corporate space, Airbnb shares were sharply lower in early trading after posting second-quarter results that fell short of expectations, while Lyft announced its first-ever quarter in the black on the back of a record number of rides,

Elsewhere, Disney beat estimates thanks to its first-ever streaming profit but warned of potential weakness at its theme parks, while CVS Health slashed its full-year profit guidance and announced a plan to cut as much as $2.0bn in expenses amid an increase in insurance costs.

On another note, Tesla said it will issue a software update to nearly 1.7m cars in China to fix an issue with the bonnet latch that affected a similar number of vehicles in the US last month.

Shopify will post its latest set of quarterly earnings after the close.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $211.10 3.38%
Goldman Sachs Group Inc. (GS) $484.31 3.12%
Caterpillar Inc. (CAT) $333.89 2.46%
Salesforce.Com Inc. (CRM) $243.61 2.18%
JP Morgan Chase & Co. (JPM) $204.57 2.11%
Microsoft Corp. (MSFT) $408.30 1.88%
American Express Co. (AXP) $234.99 1.78%
Dow Chemical Co. (DOW) $53.56 1.73%
Boeing Co. (BA) $167.01 1.28%
Nike Inc. (NKE) $73.39 1.23%