US open: Stocks reverse initial dip
Wall Street got off to a slightly lower start but then moved quickly into the green as investors digested a raft of economic data, including several key readings on inflation.
As of 1450 BST, the Dow Jones Industrial was edging up by 0.06% to 33,847.96 and the S&P by 0.05% to 4,137.27.
The Nasdaq Composite however was still off by 016% to 12,123.73, weighed down by losses in shares of Amazon.
Some analysts were of a cautious bent with BofA's Michael Hartnett reiterating his recommendation to clients to fade the S&P 500 above 4,200 points.
Analysts at Berenberg on the other hand stuck to their view that stocks woud trade in ranges over the course of 2023.
However, in a research note sent to clients they went on to say: "From here, we think risks are skewed to the downside over the coming months, with headwinds from tighter policy, margin headwinds and US recession."
Worth noting, stocks had put in a very strong showing during the previous session.
In the corporate space, Amazon was in focus with the shares off by 4% after the online retailer warned overnight on growth in its cloud computing arm.
First Republic shares down by 1% despite reports that US officials were in talks with lenders regarding possible options for a rescue.
The Department of Commerce reported on Friday that personal spending was flat in March and that the savings rate rose.
Price pressures receded with the annual rate of increase in the price deflator for personal consumption expenditures falling from 5.1% for February to 4.2% in March (consensus: 4.1%).
Core PCE price gains however only ticked lower from 4.7% to 4.6% (consensus: 4.5%).
Meanwhile, according to the Department of Labor, the Employment Cost Index ticked higher by one tenth of percentage point to a quarterly rate of advance of 1.2% (consensus: 1.1%).
Still ahead, at 1500 BST the University of Michigan was scheduled to release a final reading for its closely followed index of consumer confidence.
Nevertheless, perhaps of greatest interest for market participants would be the subindices for inflation expectations contained in the same report.
A fortnight before, the preliminary reading for inflation expectations one-year ahead had revealed a sharp jump from 3.6% to 4.6%.
In foreign exchange markets, the US dollar was higher by 1.63% to 136.15 yen after the Bank of Japan issued fresh forecasts for inflation showing that it was expected to fall below 2% in the fiscal year ending in March 2026.
Also weighing on the Japanese currency, BoJ chief, Kazuo Ueda, said the risks from a premature tightening of policy outweighed those from a delayed move to normalise policy.
S&P 500 - Risers
Intel Corp. (INTC) $32.11 +7.54%
Charter Communications Inc. (CHTR) $365.87 +6.75%
Mohawk Inds Inc. (MHK) $105.24 +6.54%
Mondelez International Inc. (MDLZ) $77.64 +5.17%
Resmed Inc. (RMD) $233.79 +3.77%
LyondellBasell Industries (LYB) $94.65 +3.65%
Eastman Chemical Co. (EMN) $83.09 +3.14%
Essex Prty Trust Inc. (ESS) $217.85 +3.02%
Hasbro Inc (HAS) $60.59 +2.82%
Colgate-Palmolive Co. (CL) $80.11 +2.80%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $0.74 -5.61%
Digital Realty Trust (DLR) $96.29 -5.37%
Aon plc (AON) $317.46 -4.63%
Amazon.Com Inc. (AMZN) $105.32 -4.10%
Principal Financial Group Inc (PFG) $72.21 -3.28%
Gilead Sciences Inc. (GILD) $81.32 -2.68%
Amgen Inc. (AMGN) $234.40 -2.47%
Gallagher Arthur J (AJG) $204.59 -2.14%
United Rentals Inc. (URI) $351.20 -1.81%
Bristol-Myers Squibb (BMY) $66.39 -1.80%
Dow Jones I.A - Risers
Intel Corp. (INTC) $32.11 +7.54%
Dow Chemical Co. (DOW) $53.96 +0.86%
Caterpillar Inc. (CAT) $215.77 +0.67%
Cisco Systems Inc. (CSCO) $46.77 +0.45%
3M Co. (MMM) $105.77 +0.42%
Travelers Company Inc. (TRV) $181.00 +0.42%
Home Depot Inc. (HD) $295.12 +0.40%
Visa Inc. (V) $229.77 +0.33%
Microsoft Corp. (MSFT) $305.69 +0.28%
Procter & Gamble Co. (PG) $156.90 +0.27%
Dow Jones I.A - Fallers
Amgen Inc. (AMGN) $234.40 -2.47%
Boeing Co. (BA) $203.61 -1.18%
Chevron Corp. (CVX) $165.76 -0.71%
JP Morgan Chase & Co. (JPM) $136.42 -0.46%
Walt Disney Co. (DIS) $99.59 -0.34%
Unitedhealth Group Inc. (UNH) $488.87 -0.33%
Nike Inc. (NKE) $125.33 -0.29%
International Business Machines Corporation (CDI) (IBM) $126.61 -0.28%
Salesforce.Com Inc. (CRM) $195.57 -0.19%
Coca-Cola Co. (KO) $63.56 -0.19%
Nasdaq 100 - Risers
Intel Corp. (INTC) $32.11 +7.54%
Charter Communications Inc. (CHTR) $365.87 +6.75%
Mondelez International Inc. (MDLZ) $77.64 +5.17%
Hasbro Inc (HAS) $60.59 +2.82%
Sirius XM Holdings Inc (SIRI) $3.79 +2.43%
Western Digital Corp. (WDC) $33.39 +1.92%
Micron Technology Inc. (MU) $62.97 +1.72%
J.B. Hunt Transport Services Inc. (JBHT) $172.93 +1.68%
Comcast Corp. (CMCSA) $40.93 +1.64%
Seagate Technology Plc (STX) $57.64 +1.48%
Nasdaq 100 - Fallers
Amazon.Com Inc. (AMZN) $105.32 -4.10%
T-Mobile Us, Inc. (TMUS) $145.36 -3.05%
Gilead Sciences Inc. (GILD) $81.32 -2.68%
Amgen Inc. (AMGN) $234.40 -2.47%
Workday, Inc. (WDAY) $183.08 -2.16%
Check Point Software Technologies Ltd. (CHKP) $126.28 -1.40%
Tesla Inc (TSLA) $158.04 -1.34%
Trip.com Group Limited (TCOM) $34.61 -1.14%
Qurate Retail Inc. (QRTEA) $0.74 -1.14%
Alphabet Inc. Class A (GOOGL) $106.62 -0.90%