US open: Stocks edge higher on positive trade news

Stocks on Wall Street traded slightly higher after China announced that it would lower tariffs on some US exports and amid optimism ahead of the monthly non-farm payrolls data due out the next day.

According to China's ministry of finance, 10.0% tariffs on $75.0bn-worth of American exports would be halved, starting from 14 February.

Some market observers said Beijing's latest move would further buttress global growth prospects in the face of the coronavirus with an interest rate cut in the Philippines overnight also serving to boost investor sentiment.

The latter was on top of rate cuts out of Brazil and Thailand in the previous session.

"The global equity recovery has stepped up a gear in the last twenty fours. The economic threat of the coronavirus has probably been overblown. Even if it hasn’t, central banks have signalled they will come to the rescue anyway," said LCG head of research Jasper Lawler.

As of 1456 GMT, the Dow Jones Industrials was adding 0.15% to 29,335.3, while the S&P 500 was ahead 0.26% to 3,343.36 and the Nasdaq Composite was up 0.38% to 9,545.70.

Unisys Corp. shares rocketed 47.3% after Science Applications announced its decision to purchase the IT company's U.S. Federal business for $1.2bn.

Casper Sleep meanwhile was being called to start trading at between $13.0-14.0 on the day of its stockmarket debut.

Drug research outfit PPD was also in focus, with its stock expected to debut at $32.0 versus after pricing its IPO at $27 just the day before, netting the firm $1.6bn in funding.

Stock in Estee Lauder meanwhile was dipping even after the cosmetics giant posted stronger-than-expected earnings per share of $2.11 (consensus: $1.90).

Shares of insurance giant Cigna were also on the front foot after the firm reported a jump in adjusted earnings per share to $2.6 for the three months ending in December which was up from $0.55 in the year earlier period.

Dunkin Brands was 3% lower after the chain reported fourth quarter revenues of $335.9m. That was 5.1% higher versus a year ago but a tad below estimates on the Street.

On the economic side of things, the Department of Labor reported a large decline of 15,000 in the number of weekly jobless claims to reach 202,000 (consensus: 215,000).

On Friday, the US Department of Labor was expected to reveal a 155,000 person jump in the number of non-farm payrolls during the month of January.

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $53.98 1.89%
Microsoft Corp. (MSFT) $182.24 1.30%
3M Co. (MMM) $163.83 0.92%
Walt Disney Co. (DIS) $142.66 0.91%
Visa Inc. (V) $204.23 0.70%
International Business Machines Corporation (CDI) (IBM) $157.33 0.64%
Coca-Cola Co. (KO) $59.22 0.64%
Travelers Company Inc. (TRV) $137.62 0.61%
Procter & Gamble Co. (PG) $127.49 0.54%
Verizon Communications Inc. (VZ) $59.31 0.30%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $293.42 -0.78%
Exxon Mobil Corp. (XOM) $62.34 -0.63%
Boeing Co. (BA) $327.89 -0.50%
Intel Corp. (INTC) $67.12 -0.33%
Chevron Corp. (CVX) $109.97 -0.28%
Johnson & Johnson (JNJ) $153.61 -0.25%
Caterpillar Inc. (CAT) $137.30 -0.10%
Home Depot Inc. (HD) $238.01 -0.04%
JP Morgan Chase & Co. (JPM) $137.56 -0.02%
Apple Inc. (AAPL) $321.41 -0.01%

S&P 500 - Risers

Twitter Inc (TWTR) $38.69 15.87%
Cardinal Health Inc. (CAH) $58.64 11.31%
Cognizant Technology Solutions Corp. (CTSH) $70.31 8.22%
Tapestry Inc. (TPR) $29.96 5.53%
FMC Corp. (FMC) $107.15 5.23%
eBay Inc. (EBAY) $39.01 5.09%
Estee Lauder Co. Inc. (EL) $210.47 4.54%
Macerich Co (MAC) $24.95 4.38%
Philip Morris International Inc. (PM) $87.54 4.29%
Cincinnati Financial Corp. (CINF) $112.59 4.24%

S&P 500 - Fallers

Becton, Dickinson & Company (BDX) $250.99 -12.24%
Abiomed Inc. (ABMD) $179.89 -5.68%
Kellogg Co. (K) $66.10 -4.70%
Willis Towers Watson Public Limited Company (WLTW) $209.96 -4.59%
Intercontinental Exchange Inc (ICE) $88.85 -4.34%
Tyson Foods Inc. (TSN) $80.85 -3.87%
QUALCOMM Inc. (QCOM) $87.67 -3.56%
Yum! Brands Inc. (YUM) $103.25 -3.31%
Advanced Micro Devices Inc. (AMD) $48.45 -2.79%
O'Reilly Automotive Inc. (ORLY) $408.06 -2.66%

Nasdaq 100 - Risers

Cognizant Technology Solutions Corp. (CTSH) $70.31 8.22%
eBay Inc. (EBAY) $39.01 5.09%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $289.19 3.96%
Take-Two Interactive Software Inc. (TTWO) $124.52 3.11%
Vodafone Group Plc ADS (VOD) $19.45 2.69%
Micron Technology Inc. (MU) $58.22 2.55%
Regeneron Pharmaceuticals Inc. (REGN) $380.29 2.18%
JD.com, Inc. (JD) $40.79 2.13%
Check Point Software Technologies Ltd. (CHKP) $117.94 2.09%
Wynn Resorts Ltd. (WYNN) $134.93 2.00%

Nasdaq 100 - Fallers

QUALCOMM Inc. (QCOM) $87.67 -3.56%
Tesla Inc (TSLA) $715.10 -2.67%
O'Reilly Automotive Inc. (ORLY) $408.06 -2.66%
Skyworks Solutions Inc. (SWKS) $117.78 -1.55%
Align Technology Inc. (ALGN) $264.02 -1.30%
Hasbro Inc (HAS) $104.08 -0.94%
Alexion Pharmaceuticals Inc. (ALXN) $102.74 -0.88%
Starbucks Corp. (SBUX) $86.82 -0.85%
Amgen Inc. (AMGN) $230.38 -0.67%
Mylan Inc. (MYL) $22.73 -0.53%