US open: Stocks notch record highs again as investors digest data, Fedspeak

US stocks notched fresh record highs again in early trade on Thursday as investors digested a series of data releases and speeches from Federal Reserve officials.

At 1520 BST, the Dow Jones Industrial Average was up 0.1% to 22,693.25, the S&P 500 was 0.2% firmer at 2,543.50 and the Nasdaq was up 0.3% to 6,556.79.

Market participants were mulling over comments from Fed governor Jerome Powell, who refrained from saying anything about monetary policy when he spoke earlier at a Fed-sponsored Treasury Market Practices Group. He said industry groups can help to "fill in the cracks" left by competing regulations enforced by US agencies.

“There is certainly a role for regulation, but regulation should always take into account the impact that it has on markets, a balance that must be constantly weighed. More regulation is not the best answer to every problem," he said.

Meanwhile, San Francisco Fed President John Williams said at conference of community banks and state bank supervisors that the long-term trend in annual US economic growth might be as low as 1.5%, meaning that future interest rates will be lower than historical norms.

Still to come, Philadelphia Fed President Patrick Harker will speak in Texas at 1530 BST and Kansas City Fed President Esther George will make a speech at 2030 BST.

On the data front, US initial jobless claims decreased by 12,000 from the previous week's unrevised level to 260,000. Economists had been expecting a smaller drop to 265,000.

The four-week moving average was down 9,500 from the previous week's unrevised average to 268,250.

Figures from the Commerce Department showed that the US trade deficit narrowed more than expected in August, to $42.4bn from a revised $43.6bn the month before. Economists had expected a figure of $42.7bn.

Meanwhile, factory goods orders rose 1.2% according to the Commerce Department, compared with a 3.3% drop in July and expectations for a 1% increase.

In corporate news, SeaWorld Entertainment was in the red, giving back some of the previous day's gains following reports that Legoland owner Merlin Entertainments is looking to buy part of the water park operator.

Brewer Constellation Brands rallied after its quarterly earnings beat on profit, while Microsoft was in the black after Canaccord Genuity upped the stock to 'buy'.

Biogen was also trading higher as Morgan Stanley bumped it up to 'overweight'.

Costco is due to report earnings after the market close.