US open: Stocks advance despite weaker-than-expected retail sales report

As of 1520 BST, the Dow Jones Industrial Average was up 0.77% at 34,282.77, while the S&P 500 was 1.07% firmer at 4,156.38 and the Nasdaq Composite came out the gate 1.54% stronger at 13,327.16.

The Dow Jones opened 261.32 points higher on Friday, extending gains recorded in the previous session.

Thursday's primary focus will be the April retail sales report from the Commerce Department, which revealed retail sales stalled last month as the boost to the economy stemming from stimulus checks faded. The flat monthly reading followed a 10.7% surge in March, itself upwardly revised from the previously reported increase of 9.7%.

Tech stocks were also in focus at the open, with Tesla, Twitter, Facebook, Apple, Amazon, Netflix and Alphabet all trading higher. However, going the other way, Disney shares were in the red after posting quarterly revenue and subscriber growth that fell short of expectations on the Street.

In addition to tech, market participants made moves on reopening plays, with the likes of United Airlines, American Airlines and Boeing all trading higher, after the Centers for Disease Control and Prevention eased guidelines yesterday, stating that in the majority of circumstances, fully vaccinated Americans would no longer be required wear masks indoors or outdoors.

Food delivery firm DoorDash and clothing retailer Farfetch were also both trading higher on the back of their latest quarterly results overnight, while Airbnb stock lost ground despite reporting a surge in holiday bookings amid easing Covid-19 restrictions.

On the macro front, industrial production in the US expanded 0.7% month-on-month in April, according to the Federal Reserve, a marked slowdown when compared to March's increase of 2.4%, itself upwardly revised from 1.4%, and short of analysts' estimates for a 1% increase. The drop principally resulted from shortages of semiconductors.

Still to come, a preliminary reading of the University of Michigan's May consumer sentiment index was scheduled for 1515 BST and 1600 BST, respectively.

The yield on the benchmark 10-year Treasury note also eased to around 1.641% after spiking on the back of Wednesday's higher-than-expected inflation reading.