US open: Stocks mixed as investors digest PCE reading
Wall Street stocks were little changed early on Friday as market participants digested a couple of key data points.
As of 1445 GMT, the Dow Jones Industrial Average was up 0.13% at 33,992.40, while the S&P 500 slipped 0.02% to 4,059.77 and the Nasdaq Composite came out the gate 0.06% firmer at 11,519.13.
The Dow opened 42.99 points higher on Friday, adding to yesterday's gains and putting the blue-chip index on track to extend its recent winning streak.
Traders digested news that the personal consumption expenditures price index, the Federal Reserve's preferred inflation measurement, rose 0.1% month-on-month in December. According to the Bureau of Economic Analysis, services prices rose 0.5% and food prices increased 0.2%, while goods prices slipped 0.7%. The report comes just ahead of the central bank's policy meeting next week.
Personal spending dropped 0.2% month-on-month in December, according to the BEA, sharper than the 0.1% fall expected by analysts amid high interest rates and prices for goods and services at the tail end of the holiday season, while personal income rose 0.2% month-on-month, following a downwardly revised 0.3% increase in November, primarily due to rises in compensation and proprietors' income.
Still to come, pending home sales data for December and the University of Michigan's consumer sentiment index will be published at 1500 GMT.
In the corporate space, financial services giant American Express fell short of expectations with its fourth-quarter earnings on Friday but delivered an upbeat outlook for the coming year, while oil company Chevron posted fourth-quarter profits that fell short of estimates, even as revenues came in ahead of what analysts had been expecting.
Colgate-Palmolive earnings came in a single cent ahead of earnings expectations, while revenues topped estimates at $4.63bn.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $165.09 0.00%
Unitedhealth Group Inc. (UNH) $491.90 0.00%
Home Depot Inc. (HD) $313.45 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walt Disney Co. (DIS) $109.70 0.00%
Johnson & Johnson (JNJ) $168.92 0.00%
Merck & Co. Inc. (MRK) $106.87 0.00%
Caterpillar Inc. (CAT) $262.05 0.00%
Microsoft Corp. (MSFT) $248.00 0.00%
Nike Inc. (NKE) $127.48 0.00%
Dow Jones - Fallers
Travelers Company Inc. (TRV) $192.17 0.00%
Goldman Sachs Group Inc. (GS) $354.72 0.00%
Microsoft Corp. (MSFT) $248.00 0.00%
Nike Inc. (NKE) $127.48 0.00%
Salesforce.Com Inc. (CRM) $165.09 0.00%
Apple Inc. (AAPL) $143.96 0.00%
McDonald's Corp. (MCD) $274.67 0.00%
Walt Disney Co. (DIS) $109.70 0.00%
Johnson & Johnson (JNJ) $168.92 0.00%
Chevron Corp. (CVX) $187.79 0.00%
S&P 500 - Risers
Morgan Stanley (MS) $96.13 0.00%
Albemarle Corp. (ALB) $278.93 0.00%
Phillips 66 Common Stock (PSX) $110.91 0.00%
DENTSPLY Sirona Inc. (XRAY) $36.86 0.00%
Principal Financial Group Inc (PFG) $92.26 0.00%
Paychex Inc. (PAYX) $115.10 0.00%
Mosaic Company (MOS) $49.18 0.00%
Sysco Corp. (SYY) $78.31 0.00%
D. R. Horton Inc. (DHI) $96.86 0.00%
Keycorp (KEY) $18.68 0.00%
S&P 500 - Fallers
Intel Corp. (INTC) $26.93 -10.49%
KLA-Tencor Corp. (KLAC) $401.65 -6.32%
Hasbro Inc (HAS) $60.75 -4.75%
Ralph Lauren Corp (RL) $119.44 -3.84%
Colgate-Palmolive Co. (CL) $72.67 -3.79%
Eastman Chemical Co. (EMN) $88.62 -3.41%
Applied Materials Inc. (AMAT) $111.97 -3.12%
Chevron Corp. (CVX) $182.59 -2.77%
Resmed Inc. (RMD) $225.82 -2.74%
T. Rowe Price Group Inc. (TROW) $112.78 -1.57%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $163.77 2.18%
Take-Two Interactive Software Inc. (TTWO) $114.14 2.01%
JD.com, Inc. (JD) $64.00 1.41%
Amazon.Com Inc. (AMZN) $100.49 1.28%
Biogen Inc (BIIB) $295.00 1.06%
Alphabet Inc. Class A (GOOGL) $98.43 0.94%
Alphabet Inc. Class C (GOOG) $100.00 0.85%
Seagate Technology Plc (STX) $69.52 0.74%
Meta Platforms Inc. (META) $148.38 0.73%
CSX Corp. (CSX) $30.34 0.63%
Nasdaq 100 - Fallers
Intel Corp. (INTC) $26.93 -10.49%
KLA-Tencor Corp. (KLAC) $401.65 -6.32%
Hasbro Inc (HAS) $60.75 -4.75%
Applied Materials Inc. (AMAT) $111.97 -3.12%
Qurate Retail Inc. (QRTEA) $2.50 -2.98%
Asml Holdings N.V. (ASML) $669.51 -2.10%
Lam Research Corp. (LRCX) $488.18 -1.92%
Illumina Inc. (ILMN) $208.85 -1.85%
Comcast Corp. (CMCSA) $39.90 -1.25%
QUALCOMM Inc. (QCOM) $132.30 -1.24%