US open: Major indices mixed early on as rising bond yields remain in focus
Wall Street stocks were mixed early on Monday as bond yields headed north and Chinese GDP numbers disappointed.
As of 1545 BST, the Dow Industrial Average was down 0.12% at 35,252.46, while the S&P 500 was 0.02% stronger at 4,472.14 and the Nasdaq Composite came out the gate 0.09% firmer at 14,910.16.
The Dow opened 42.30 points weaker on Monday, cutting into gains recorded at the tail end of last week on the back of a better than anticipated start to the third-quarter earnings season.
In focus early on Monday, the yield on the benchmark 10-year Treasury note ticked up to above 1.58% at the start of the week, applying some pressure to tech shares as market participants looked to rotate out of growth stocks and pick up some more value-oriented positions.
Also weighing on sentiment at the open was news that Beijing had revealed that gross domestic product had fallen short of estimates in the third quarter, coming in at 4.9% annual growth, less than the 5.3% clip expected by economists.
On the macro front, US industrial production dropped unexpectedly last month, according to the Department of Commerce, which revealed that, in seasonally adjusted terms, total output shrank at a month-on-month pace of 1.3%, compared to a 0.3% rise as forecast by economists. Manufacturing production dropped by 0.7% in comparison to the prior month, while mining output declined 2.3% and utilities fell 3.6%.
Elsewhere, homebuilder sentiment rebounded in October, according to the National Association of Home Builders/Wells Fargo housing market index, which rose four points to 80 as supply chain issues were offset by high buyer demand.
Still to come, the Federal Government's monthly budget statement was prepped for publication at 1900 BST, and August foreign bond investment and overall net capital flows will follow at 2100 BST.
In the corporate space, Disney shares traded lower early on in the session after analysts at Barclays downgraded the stock, pointing to an expected slowdown in subscriber growth.
While things were fairly quiet on the earnings front on Monday, big-time names like Netflix, Johnson & Johnson, United Airlines and Procter & Gamble will report tomorrow, while Tesla, Verizon and IBM will publish their latest quarterly results before the week is out.
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $414.89 2.17%
Home Depot Inc. (HD) $353.80 0.97%
Walmart Inc. (WMT) $141.50 0.68%
JP Morgan Chase & Co. (JPM) $167.57 0.58%
American Express Co. (AXP) $176.82 0.57%
Dow Chemical Co. (DOW) $59.24 0.47%
Apple Inc. (AAPL) $145.42 0.40%
Nike Inc. (NKE) $158.34 0.21%
McDonald's Corp. (MCD) $242.74 0.20%
Visa Inc. (V) $231.39 0.17%
Dow Jones - Fallers
Walt Disney Co. (DIS) $171.35 -2.90%
Amgen Inc. (AMGN) $204.04 -1.83%
Walgreens Boots Alliance, Inc. (WBA) $48.36 -1.14%
Travelers Company Inc. (TRV) $153.86 -1.14%
Procter & Gamble Co. (PG) $143.16 -0.87%
Merck & Co. Inc. (MRK) $77.67 -0.85%
Johnson & Johnson (JNJ) $160.29 -0.63%
Caterpillar Inc. (CAT) $198.14 -0.44%
Coca-Cola Co. (KO) $54.26 -0.39%
Unitedhealth Group Inc. (UNH) $426.60 -0.34%
S&P 500 - Risers
Macy's Inc. (M) $27.01 12.35%
CH Robinson Worldwide Inc (CHRW) $99.51 5.16%
Occidental Petroleum Corp. (OXY) $33.25 5.02%
Helmerich & Payne Inc. (HP) $34.32 4.76%
Nordstrom Inc. (JWN) $29.22 4.04%
State Street Corp. (STT) $96.47 4.03%
Marathon Oil Corp. (MRO) $16.77 3.65%
Albemarle Corp. (ALB) $236.82 3.52%
Twitter Inc (TWTR) $64.77 3.19%
Fortinet Inc. (FTNT) $325.27 3.17%
S&P 500 - Fallers
Medtronic Plc (MDT) $121.77 -4.68%
NetApp Inc. (NTAP) $91.07 -3.55%
Biogen Inc (BIIB) $271.80 -3.34%
Walt Disney Co. (DIS) $171.35 -2.90%
Arconic Inc. (ARNC) $30.93 -2.51%
Carnival Corp. (CCL) $23.10 -2.41%
Borg Warner Inc. (BWA) $45.93 -2.34%
Consolidated Edison Inc. (ED) $72.76 -2.30%
AES Corp. (AES) $23.87 -2.21%
Regeneron Pharmaceuticals Inc. (REGN) $541.67 -2.09%
Nasdaq 100 - Risers
NetEase Inc. Ads (NTES) $99.10 3.70%
Baidu Inc. (BIDU) $169.30 3.47%
Facebook Inc. (FB) $334.60 3.03%
Mercadolibre Inc. (MELI) $1,595.47 2.07%
Tesla Inc (TSLA) $859.80 1.99%
Starbucks Corp. (SBUX) $113.12 1.50%
O'Reilly Automotive Inc. (ORLY) $638.36 1.49%
NortonLifeLock Inc. (NLOK) $25.64 1.32%
Nvidia Corp. (NVDA) $221.50 1.32%
Xilinx Inc. (XLNX) $169.15 1.20%
Nasdaq 100 - Fallers
Biogen Inc (BIIB) $271.80 -3.34%
Trip.com Group Limited (TCOM) $31.78 -2.87%
Biomarin Pharmaceutical Inc. (BMRN) $73.78 -2.79%
Regeneron Pharmaceuticals Inc. (REGN) $541.67 -2.09%
DENTSPLY Sirona Inc. (XRAY) $56.78 -1.85%
Amgen Inc. (AMGN) $204.04 -1.83%
Gilead Sciences Inc. (GILD) $66.45 -1.75%
Intuitive Surgical Inc. (ISRG) $326.51 -1.51%
Liberty Global plc Series A (LBTYA) $28.93 -1.26%
Illumina Inc. (ILMN) $404.80 -1.25%