US open: Stocks higher ahead of FOMC meeting
Wall Street stocks were in the green early on Monday as major indices looked set to claw back a chunk of the previous session's losses ahead of tomorrow's Federal Reserve meeting.
As of 1600 GMT, the Dow Jones Industrial Average was up 0.36% at 38,854.28, while the S&P 500 advanced 0.87% to 5,161.37 and the Nasdaq Composite came out the gate 1.16% firmer at 16,158.19.
The Dow opened 139.51 points higher on Monday, reclaiming much of Friday's losses that came as investors continued to come to terms with hotter-than-expected core and wholesale inflation readings.
Traders were mostly looking ahead to tomorrow's Federal Open Markets Committee's monetary policy meeting, with the central bank widely expected to keep benchmark interest rates unchanged. Elsewhere, the expectation of a rate cut taking place in June has also been dialled back in recent days.
On the macro front, the National Association of Housebuilders' housing market index increased to 51 in March, up from 48 in February and beating forecasts for a flat month-on-month reading.
"With the Federal Reserve expected to announce future rate cuts in the second half of 2024, lower financing costs will draw many prospective buyers into the market. However, as home building activity picks up, builders will likely grapple with rising material prices, particularly for lumber", said NAHB chief economist Robert Dietz
In the corporate space, Nvidia traded higher ahead of its GTC Conference, while Super Micro Computer shares advanced on the stock's first trading day on the S&P 500.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Walt Disney Co. (DIS) $114.29 2.09%
Apple Inc. (AAPL) $175.86 1.88%
Amgen Inc. (AMGN) $273.16 1.60%
Salesforce.Com Inc. (CRM) $297.67 1.13%
Cisco Systems Inc. (CSCO) $49.48 1.12%
Caterpillar Inc. (CAT) $350.74 1.09%
American Express Co. (AXP) $220.80 1.07%
Visa Inc. (V) $285.92 1.02%
JP Morgan Chase & Co. (JPM) $191.66 0.71%
Procter & Gamble Co. (PG) $162.42 0.64%
Dow Jones - Fallers
Boeing Co. (BA) $180.29 -1.23%
Nike Inc. (NKE) $99.03 -0.61%
Johnson & Johnson (JNJ) $157.38 -0.51%
Goldman Sachs Group Inc. (GS) $385.42 -0.46%
Walmart Inc. (WMT) $60.47 -0.35%
Unitedhealth Group Inc. (UNH) $489.44 -0.28%
McDonald's Corp. (MCD) $278.99 -0.05%
Home Depot Inc. (HD) $373.07 -0.04%
Merck & Co. Inc. (MRK) $121.51 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
S&P 500 - Risers
Alphabet Inc. Class A (GOOGL) $150.09 6.31%
Alphabet Inc. Class C (GOOG) $151.01 6.22%
PepsiCo Inc (PEP) $171.26 4.01%
Charter Communications Inc. (CHTR) $300.63 3.43%
Gap Inc. (GPS) $24.35 3.24%
MGM Resorts International (MGM) $44.26 3.22%
Adobe Systems Inc. (ADBE) $507.49 3.05%
Cummins Inc. (CMI) $282.89 2.93%
Arista Networks Inc. (ANET) $285.72 2.88%
Netflix Inc. (NFLX) $621.80 2.63%
S&P 500 - Fallers
VF Corp. (VFC) $14.38 -2.71%
Nordstrom Inc. (JWN) $16.88 -2.40%
HP Inc (HPQ) $29.77 -2.12%
International Paper Co. (IP) $35.66 -1.90%
Nektar Therapeutics (NKTR) $0.84 -1.84%
Harley-Davidson Inc. (HOG) $40.40 -1.46%
Southwest Airlines Co. (LUV) $27.97 -1.36%
Perrigo Company plc (PRGO) $29.98 -1.28%
Hanesbrands Inc. (HBI) $5.61 -1.23%
Boeing Co. (BA) $180.29 -1.23%
Nasdaq 100 - Risers
Alphabet Inc. Class A (GOOGL) $150.09 6.31%
Alphabet Inc. Class C (GOOG) $151.01 6.22%
Tesla Inc (TSLA) $173.19 5.88%
Charter Communications Inc. (CHTR) $300.63 3.43%
Adobe Systems Inc. (ADBE) $507.49 3.05%
Netflix Inc. (NFLX) $621.80 2.63%
Paypal Holdings Inc (PYPL) $64.46 2.57%
Synopsys Inc. (SNPS) $562.42 2.25%
JD.com, Inc. (JD) $28.02 2.08%
Apple Inc. (AAPL) $175.86 1.88%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $1.12 -5.19%
Vodafone Group Plc ADS (VOD) $8.65 -1.87%
NetEase Inc. Ads (NTES) $105.41 -1.42%
Henry Schein Inc. (HSIC) $73.77 -1.09%
Skyworks Solutions Inc. (SWKS) $103.14 -0.89%
Western Digital Corp. (WDC) $59.29 -0.83%
Electronic Arts Inc. (EA) $133.21 -0.79%
Seagate Technology Plc (STX) $85.34 -0.78%
Analog Devices Inc. (ADI) $194.05 -0.59%
Texas Instruments Inc (TXN) $171.61 -0.53%