US open: Stocks edge higher, Fed meeting coming into focus

Stocks in the US were heading slightly higher in early trading, even as investors looked ahead to the next rate announcement by the Federal Reserve scheduled for the following week.

The latter was especially the case after Wednesday’s surprise rate hike by the Bank of Canada and another surprise hike Down Under on Tuesday.

At 1547 BST, the Dow Jones Industrial Average was edging up 0.19% to 33,729.15, alongside a gain of 0.28% for the S&P 500 to 4,279.13.

The Nasdaq Composite meanwhile was up 0.57% to 13,179.10.

In parallel, the yield on the benchmark 10-year US Treasury note was down by six basis points to 3.735%.

"US markets have moved higher on hopes that the Fed will opt to leave its hiking campaign on pause for longer, after jobless claims came in weaker than expected," said IG chief market analyst Chris Beauchamp.

"This week has seen signs of broadening participation in the rally, with the Dow managing to recoup some losses, though once again it the Nasdaq 100 that is leading the way while small caps are in fact losing ground. Much now hangs on what the Fed says and does next week, and will see increasingly hesitant trading in stocks as the decision nears."

Data released on Thursday showed that initial jobless claims jumped sharply, rising by 28,000 over the week ending on 3 June to reach 261,000.

That was the most since October 2021 and more than 235,000 expected by the consensus.

But the well-known seasonal adjustment problems, including around the Memorial Day holiday, meant that economists were cautious about reading too much into the figures - at least for now.

Dow Jones - Risers

Boeing Co. (BA) $215.99 1.92%
Merck & Co. Inc. (MRK) $110.32 1.57%
Unitedhealth Group Inc. (UNH) $487.97 1.21%
McDonald's Corp. (MCD) $284.94 1.08%
Salesforce.Com Inc. (CRM) $207.58 0.90%
Microsoft Corp. (MSFT) $325.40 0.62%
Procter & Gamble Co. (PG) $145.62 0.57%
Home Depot Inc. (HD) $303.39 0.56%
Apple Inc. (AAPL) $178.71 0.50%
Walmart Inc. (WMT) $150.63 0.42%

Dow Jones - Fallers

Dow Chemical Co. (DOW) $52.88 -1.84%
Caterpillar Inc. (CAT) $233.41 -0.91%
Travelers Company Inc. (TRV) $174.29 -0.85%
Goldman Sachs Group Inc. (GS) $333.10 -0.79%
Nike Inc. (NKE) $106.40 -0.64%
Walt Disney Co. (DIS) $91.96 -0.61%
JP Morgan Chase & Co. (JPM) $139.97 -0.51%
Walgreens Boots Alliance, Inc. (WBA) $31.78 -0.46%
Visa Inc. (V) $224.37 -0.40%
Intel Corp. (INTC) $31.18 -0.31%

S&P 500 - Risers

Adobe Systems Inc. (ADBE) $436.20 4.27%
Amazon.Com Inc. (AMZN) $125.08 3.18%
Fortinet Inc. (FTNT) $69.14 3.10%
Cadence Design Systems Inc. (CDNS) $228.17 2.56%
Zimmer Biomet Holdings Inc (ZBH) $136.00 2.20%
Arista Networks Inc. (ANET) $159.00 2.19%
Cardinal Health Inc. (CAH) $85.09 2.18%
Delta Airlines Inc. (DAL) $39.01 2.05%
O'Reilly Automotive Inc. (ORLY) $901.10 2.04%
Nvidia Corp. (NVDA) $381.99 1.93%

S&P 500 - Fallers

Bread Financial Holdings, Inc. (BFH) $30.54 -6.63%
Dish Network Corp. (DISH) $7.38 -5.12%
Micron Technology Inc. (MU) $64.19 -4.28%
Avery Dennison Corp. (AVY) $164.85 -4.10%
Eastman Chemical Co. (EMN) $80.38 -4.02%
Sealed Air Corp. (SEE) $38.78 -3.81%
Simon Property Group Inc. (SPG) $108.75 -3.50%
Vornado Realty Trust (VNO) $15.11 -3.29%
Macerich Co (MAC) $11.02 -3.16%
Macy's Inc. (M) $15.74 -2.90%

Nasdaq 100 - Risers

Adobe Systems Inc. (ADBE) $436.20 4.27%
Trip.com Group Limited (TCOM) $35.69 4.10%
Amazon.Com Inc. (AMZN) $125.08 3.18%
Cadence Design Systems Inc. (CDNS) $228.17 2.56%
Tesla Inc (TSLA) $229.98 2.41%
T-Mobile Us, Inc. (TMUS) $129.45 2.29%
O'Reilly Automotive Inc. (ORLY) $901.10 2.04%
Workday, Inc. (WDAY) $207.54 2.02%
Nvidia Corp. (NVDA) $381.99 1.93%
American Airlines Group (AAL) $15.43 1.78%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.91 -13.31%
Vodafone Group Plc ADS (VOD) $9.26 -5.32%
Dish Network Corp. (DISH) $7.38 -5.12%
Micron Technology Inc. (MU) $64.19 -4.28%
Expedia Group Inc. (EXPE) $107.00 -1.92%
Liberty Global plc Series A (LBTYA) $16.83 -1.78%
Wynn Resorts Ltd. (WYNN) $101.46 -1.74%
DENTSPLY Sirona Inc. (XRAY) $38.72 -1.70%
Sirius XM Holdings Inc (SIRI) $3.80 -1.68%
J.B. Hunt Transport Services Inc. (JBHT) $172.44 -1.66%