US open: Stocks advance during early trading

dl wall street st new york city nyc nyse stock exchange ny dow jones nasdaq sp finance us usa united states of america — Wall StreetSharecast photo / Josh White

Wall Street stocks were in the green early on Wednesday after major indices registered solid gains in the previous session.

As of 1515 GMT, the Dow Jones Industrial Average was up 0.76% at 35,733.88, while the S&P 500 was 1.04% firmer at 4,568.38 and the S&P 500 came out the gate 1.11% stronger at 14,352.00.

The Dow opened 271.10 points higher on Wednesday, extending gains recorded in the previous session as market participants digested December's trade balance figures.

Wednesday looked set to be yet another quiet day in terms of market-moving headlines, with traders continuing to hold out for tomorrow's consumer price index. The Federal Reserve has already indicated a change in monetary policy will follow the key inflation report as part of an effort to address historically high price increases.

On the macro front, US mortgage applications decreased in the week ended 4 February, according to the Mortgage Bankers Association, with applications to purchase a home falling 10% and applications to refinance a home loan dropping 7%. The fall comes as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.83% from 3.78%.

Elsewhere, wholesale inventories advanced 2.2% month-on-month in December to $789.4bn, according to the Census Bureau, up from a 1.7% increase in the previous month and ahead of preliminary estimates for a print of 2.1%. The increase marked a 17th straight monthly gain on the back of increases in both durable and non-durable goods. On an annual basis, wholesale inventories advanced 18.5% in December.

In the corporate space, pharmacy chain CVS Health reported a 34% jump in quarterly on the back of Omicron-fuelled demand for Covid-19 tests and vaccinations, while Fox swung to a net loss but beat on revenue estimates and GlaxoSmithKline posted higher earnings a sales beat.

Still to come, Disney, Mattel, MGM Resorts and Uber will all report after the close.

Dow Jones - Risers

Nike Inc. (NKE) $146.34 1.96%
Visa Inc. (V) $232.26 1.90%
Microsoft Corp. (MSFT) $309.42 1.60%
Walt Disney Co. (DIS) $144.64 1.52%
American Express Co. (AXP) $196.85 1.47%
Home Depot Inc. (HD) $365.75 1.19%
Cisco Systems Inc. (CSCO) $55.92 1.05%
Dow Chemical Co. (DOW) $61.72 1.03%
Caterpillar Inc. (CAT) $203.44 0.96%
Boeing Co. (BA) $215.14 0.88%