US open: Stocks higher following Q3 bank earnings, PPI reading

dl wall street new york city wall st nyc new york stock exchange nyse nasdaq us usa united states of america trading finance unsplash — Sharecast / Roberto Junior via Unsplash

Wall Street futures were in the green early on Friday as market participants digested quarterly earnings reports from some of the biggest names in US banking and better-than-expected inflation data.

As of 1600 BST, the Dow Jones Industrial Average was up 0.77% at 42,783.0p, while the S&P 500 advanced 0.51% to 5,809.79 and the Nasdaq Composite came out the gate 0.15% firmer at18,310.22

The Dow opened 328.88 points higher on Friday, easily reversing losses recorded in the previous session as last month's consumer price index led to fears that inflation hasn't quite cooled off as initially hoped.

However, Friday's producer price index from the Bureau of Labor Statistics eased some of those fears as it revealed PPI was flat month-on-month and up 1.8% on an annualised basis. Excluding volatile food and energy costs, the so-called core reading was 0.2% higher month-on-month. Economists expected to see headline PPI growth slow from 0.2% to 0.1% on a monthly basis.

Elsewhere on the macro front, a preliminary reading of the University of Michigan's consumer sentiment index declined to 68.9 in October, down from a five-month high of 70.1 in September and missing forecasts of 70.8.

In the corporate space, JPMorgan Chase said quarterly profits had slipped on the back of increased costs but still came in ahead of estimates, while Wells Fargo said its investment banking unit had helped offset the impact of reduced interest rates in Q3.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Home Depot Inc. (HD) $410.02 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walt Disney Co. (DIS) $92.99 0.00%
Johnson & Johnson (JNJ) $160.63 0.00%
Chevron Corp. (CVX) $150.55 0.00%
Merck & Co. Inc. (MRK) $109.40 0.00%
Caterpillar Inc. (CAT) $396.78 0.00%
Microsoft Corp. (MSFT) $415.84 0.00%
Nike Inc. (NKE) $82.10 0.00%
Salesforce.Com Inc. (CRM) $289.92 0.00%

Dow Jones - Fallers

S&P 500 - Risers

Wynn Resorts Ltd. (WYNN) $103.70 0.00%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $358.96 0.00%
Whirlpool Corp. (WHR) $103.21 0.00%
QUALCOMM Inc. (QCOM) $168.52 0.00%
Kroger Co. (KR) $55.22 0.00%
Raymond James Fin Corp. (RJF) $126.76 0.00%
Coterra Energy Inc. (CTRA) $24.51 0.00%
General Mills Inc. (GIS) $71.32 0.00%
Newmont Corporation (NEM) $53.40 0.00%
Electronic Arts Inc. (EA) $141.97 0.00%

S&P 500 - Fallers

Blackrock Inc. (BLK) $956.87 0.00%
General Motors Corp (GM) $47.68 0.00%
Apple Inc. (AAPL) $229.04 0.00%
Xilinx Inc. (XLNX) $0.00 0.00%
Chipotle Mexican Grill Inc. (CMG) $58.33 0.00%
Marsh & McLennan Companies Inc. (MMC) $223.51 0.00%
Sempra Energy (SRE) $81.32 0.00%
CMS Energy Corp. (CMS) $69.14 0.00%
Home Depot Inc. (HD) $410.02 0.00%
PepsiCo Inc (PEP) $172.99 0.00%

Nasdaq 100 - Risers

Mylan Inc. (MYL) $0.00 0.00%
Hologic Inc. (HOLX) $79.92 0.00%
Texas Instruments Inc (TXN) $202.47 0.00%
Costco Wholesale Corp. (COST) $893.63 0.00%
Gen Digital Inc. (GEN) $27.70 0.00%
Intuit Inc. (INTU) $619.30 0.00%
Netflix Inc. (NFLX) $730.29 0.00%
Paypal Holdings Inc (PYPL) $78.98 0.00%
Electronic Arts Inc. (EA) $141.97 0.00%
Alphabet Inc. Class C (GOOG) $163.18 0.00%

Nasdaq 100 - Fallers