US open: Stocks trade higher following Powell's reappointment

As of 1530 GMT, the Dow Jones Industrial Average was up 0.74% at 35,866.20, while the S&P 500 was 0.90% firmer at 4,740.06 and the Nasdaq Composite came out the gate 0.81% stronger at 16,187.22.

The Dow opened 264.22 points higher on Monday, almost erasing losses recorded in the previous session.

Monday will be a relatively quiet day for major indices, with the key item drawing investor attention being news that President Joe Biden had renominated Jerome Powell for chief of the Federal Reserve Bank.

Powell, who was initially appointed by Donald Trump and started his first term in 2018, will now be in charge of wrapping up the most consequential revamp of monetary policy since the 1970s.

On the macro front, the Chicago Federal Reserve's national activity index rose to 0.76 in October, up from -0.18 in September as all four broad categories of indicators used to construct the index made positive contributions.

Elsewhere, US existing home sales rose unexpectedly in October to their highest level since the beginning of 2021, indicating healthy demand was still present as a heightened level of buyers looked to take advantage of strong job growth and low mortgage rates. Contract closings grew 0.8% month-on-month to an annualised print of 6.34m, according to the National Association of Realtors, ahead of economists' expectations for a print of 6.2m.

In the corporate space, Jack in the Box and Zoom Video will both report their latest quarterly earnings numbers after the close.

Dow Jones - Risers

Apple Inc. (AAPL) $165.26 2.94%
Cisco Systems Inc. (CSCO) $54.54 2.43%
JP Morgan Chase & Co. (JPM) $164.73 2.37%
Goldman Sachs Group Inc. (GS) $395.92 2.20%
Chevron Corp. (CVX) $114.11 1.97%
Dow Chemical Co. (DOW) $58.36 1.78%
Microsoft Corp. (MSFT) $348.60 1.60%
Intel Corp. (INTC) $50.28 1.54%
Home Depot Inc. (HD) $414.32 1.38%
Nike Inc. (NKE) $177.13 1.29%

Dow Jones - Fallers

Amgen Inc. (AMGN) $202.76 -1.61%
Boeing Co. (BA) $211.62 -1.17%
Johnson & Johnson (JNJ) $161.43 -0.90%
Visa Inc. (V) $199.54 -0.66%
American Express Co. (AXP) $172.99 -0.32%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Unitedhealth Group Inc. (UNH) $440.27 0.06%
Walt Disney Co. (DIS) $154.13 0.08%
International Business Machines Corporation (CDI) (IBM) $116.18 0.11%

S&P 500 - Risers

Micron Technology Inc. (MU) $87.16 4.97%
Nucor Corp. (NUE) $118.32 4.85%
Kohls Corp. (KSS) $59.35 4.10%
Advanced Micro Devices Inc. (AMD) $161.54 3.95%
Best Buy Co. Inc. (BBY) $141.49 3.93%
Nvidia Corp. (NVDA) $342.46 3.82%
Xilinx Inc. (XLNX) $228.67 3.53%
Wells Fargo & Co. (WFC) $50.49 3.41%
Ford Motor Co. (F) $20.03 3.32%
Wynn Resorts Ltd. (WYNN) $93.62 3.21%

S&P 500 - Fallers

Perrigo Company plc (PRGO) $39.87 -3.09%
Ventas Inc. (VTR) $49.85 -2.93%
Electronic Arts Inc. (EA) $128.73 -2.76%
Activision Blizzard Inc. (ATVI) $60.84 -2.47%
Mastercard Incorporated (MA) $332.31 -2.18%
Paypal Holdings Inc (PYPL) $189.94 -1.90%
Freeport-McMoRan Inc (FCX) $37.57 -1.86%
Newmont Corporation (NEM) $55.50 -1.86%
Hologic Inc. (HOLX) $73.98 -1.79%
Intuitive Surgical Inc. (ISRG) $342.77 -1.69%

Nasdaq 100 - Risers

Micron Technology Inc. (MU) $87.16 4.97%
Tesla Inc (TSLA) $1,189.32 4.60%
Nvidia Corp. (NVDA) $342.46 3.82%
Xilinx Inc. (XLNX) $228.67 3.53%
Wynn Resorts Ltd. (WYNN) $93.62 3.21%
Apple Inc. (AAPL) $165.26 2.94%
Cisco Systems Inc. (CSCO) $54.54 2.43%
Meta Platforms Inc. (FB) $353.56 2.39%
Seagate Technology Plc (STX) $103.18 2.38%
Vodafone Group Plc ADS (VOD) $15.83 2.26%

Nasdaq 100 - Fallers

Electronic Arts Inc. (EA) $128.73 -2.76%
Activision Blizzard Inc. (ATVI) $60.84 -2.47%
Mercadolibre Inc. (MELI) $1,374.69 -1.90%
Paypal Holdings Inc (PYPL) $189.94 -1.90%
Hologic Inc. (HOLX) $73.98 -1.79%
JD.com, Inc. (JD) $89.97 -1.73%
Intuitive Surgical Inc. (ISRG) $342.77 -1.69%
Amgen Inc. (AMGN) $202.76 -1.61%
Fiserv Inc. (FISV) $98.84 -1.22%
Intuit Inc. (INTU) $683.97 -1.21%