US open: Stocks trade higher ahead of CPI reading

dl exchange place wall st street pl new york city nyc ny nyse stock exchange dow jones sp nasdaq finance dollar dollars us usa united states of america — Exchange PlaceSharecast photo / Josh White

Wall Street stocks were in the green early on Monday ahead of a key inflation report scheduled for later in the week.

As of 1525 BST, the Dow Jones Industrial Average was up 0.76% at 33,053.91, while the S&P 500 was 0.81% firmer at 4,178.60 and the Nasdaq Composite came out the gate 1.32% stronger at 12,825.13.

The Dow opened 250.44 points higher on Monday, extending gains recorded on Friday after an unexpectedly strong monthly jobs report somewhat alleviated recessionary concerns.

This week's primary focus will undoubtedly be Wednesday's consumer price index report, with the outcome likely to give market participants a clearer idea as to what the Federal Reserve's move may be at its next policy meeting in September. Investors are currently pricing in a higher likelihood of yet another 75 basis point rate hike next month - a third straight increase of the same amount.

Also in focus early on Monday was news that the Senate has passed a $430.0bn climate bill, the Inflation Reduction Act, which has now moved on to the House where it is expected to be passed before the end of the week.

In the corporate space, BioNTech shares slumped after the drugmaker reported revenues and profits that both fell short of expectations, and Energizer posted third-quarter earnings that beat estimates on both the two and bottom lines.

Elsewhere, Bed Bath & Beyond shares soared after traders on Reddit's WallStreetBets sub bet on the retailer, while Pfizer revealed that it will acquire biopharmaceutical company Global Blood Therapeutics as part of a $5.4bn deal.

Chipmaker Nvidia fell more than 7% after pre-announcing a second-quarter revenue of $6.7bn, defence technology firm Palantir was under pressure after reporting a surprise loss for the second quarter.

Still to come, Take-Two Interactive, Groupon, and News Corp will publish their latest earnings figures after the close.

No major data points were scheduled for release on Monday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Walt Disney Co. (DIS) $110.31 3.45%
Salesforce.Com Inc. (CRM) $193.66 1.84%
Dow Chemical Co. (DOW) $52.43 1.83%
Boeing Co. (BA) $167.98 1.78%
American Express Co. (AXP) $159.74 1.42%
3M Co. (MMM) $149.47 1.40%
Walgreens Boots Alliance, Inc. (WBA) $39.53 1.37%
Apple Inc. (AAPL) $167.51 1.31%
Home Depot Inc. (HD) $313.70 1.29%
Procter & Gamble Co. (PG) $146.37 1.14%