US open: Stocks slightly higher as investors wait on Fed's Powell

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Stocks on Wall Street were trading slightly higher at the end of the week as investors waited on a panel including Federal Reserve chairman Jerome Powell for policy clues.

Powell was due to participate on the panel with former Fed chief, Ben Bernanke, at 1600 BST, to discuss monetary policy.

Against that backdrop, as of 1443 BST the Dow Jones Industrial Average was rising by 0.15% or 50.19 points to 33,586.94, alongside a 0.31% or 13.59 point gain to 4,210.90.

The Nasdaq Composite meanwhile was adding 0.20% or 24.87 points to 12,711.20.

Worth noting, 10-year Treasury notes were slipping for a sixth consecutive session, pushing their yield up by six basis points to 3.715%.

Significantly, the day before House Speaker Kevin McCarthy suggested that a debt ceiling deal could come as soon as next week.

Tickmill Group market analyst James Harte said: "Optimism over a potential US debt-ceiling deal is creating a positive backdrop for the stock which should move firmly higher if a deal is confirmed.

"Beyond this issue, the focus will then be on the Fed."

In corporate news, agricultural machinery manufacturer Deere & Co was ahead by 3% after it lifted its annual profit outlook.

Sportswear retailer Footlocker on the other hand plummeted after cutting its outlook for full-year profits by roughly two-fifths.

Disney shares were off by 2% after it said it was cancelling plans to invest nearly $1bn to build a new corporate campus in Florida amid a feud with governor Ron DeSantis.

The shares were also downgraded to 'hold' by Macquarie.

Dow Jones - Risers

Caterpillar Inc. (CAT) $218.32 1.67%
Cisco Systems Inc. (CSCO) $48.83 1.30%
Chevron Corp. (CVX) $155.51 0.97%
Travelers Company Inc. (TRV) $184.98 0.89%
Merck & Co. Inc. (MRK) $114.96 0.84%
American Express Co. (AXP) $154.67 0.78%
Dow Chemical Co. (DOW) $52.19 0.62%
Verizon Communications Inc. (VZ) $36.33 0.56%
Apple Inc. (AAPL) $175.92 0.50%
Walgreens Boots Alliance, Inc. (WBA) $31.61 0.49%