US open: Stocks mixed to start December trading

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Wall Street stocks were mixed at the opening bell on Friday after the blue-cup Dow Jones notched its best month in over a year and traders looked ahead to comments from Fed head Jerome Powell.

As of 1555 GMT, the Dow Jones Industrial Average was up 0.23% at 36,034.05, while the S&P 500 slipped 0.01% to 4,567.37 and the Nasdaq Composite came out the gate 0.34% weaker at 14,178.08.

The Dow opened 83.16 points higher on Friday, extending gains recorded in the previous session as it hit a new high for 2023 and wrapped up a winning month for stocks.

Stocks finished off a record month yesterday, snapping a three-month losing streak for major indices. However, some investors remain cautious going into December and the new year, even as many believe the Federal Reserve to be done raising rates and even looking at cutting them in the first half of 2024. The Fed next meets on 13 December.

With the central bank in mind, Federal Reserve chairman Jerome Powell will speak at 1600 GMT.

On the macro front, S&P Global's manufacturing PMI came in at 49.4 in November, the lowest reading seen in three months, pointing to a renewed deterioration in operating conditions in the sector as lower levels of new orders took their toll. Input costs rose at a notably slower pace

Elsewhere, the Institute of Supply Management's manufacturing PMI was flat month-on-month at 46.7 in November, below forecasts for a reading of 47.6, continuing to point to contraction in the manufacturing sector.

Finally, US construction spending ticked up 0.6% in October, according to the Census Bureau, hitting a seasonally adjusted annual rate of $2.02bn, following a downwardly revised 0.2% increase in September and beating market estimates for a reading of 0.4%.

In the corporate space, Disney shares were higher in early trading after reinstating its dividend, while Ulta Beauty shares surged on the back of solid quarterly results.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $258.13 2.47%
Chevron Corp. (CVX) $144.92 0.92%
Nike Inc. (NKE) $111.25 0.89%
Home Depot Inc. (HD) $315.94 0.78%
Walgreens Boots Alliance, Inc. (WBA) $20.09 0.78%
Johnson & Johnson (JNJ) $155.85 0.77%
Boeing Co. (BA) $233.30 0.72%
American Express Co. (AXP) $171.91 0.67%
McDonald's Corp. (MCD) $283.66 0.65%
Caterpillar Inc. (CAT) $252.30 0.63%