US open: Stocks mixed as investors await more inflation data

(Sharecast News) - Shares on Wall Street were trading on a mixed note on Wednesday, as investors exercised caution ahead of key inflation figures and more Fedspeak over the coming days, not to mention the geopolitical backdrop. As of 1812 BST, the Dow Jones Industrials was drifting lower by 0.13% to 33,696.70, alongside a 0.09% dip on the S&P 500 to 4,355.82.

The Nasdaq Composite on the other hand was up by 0.21% at 13,590.76.

West Texas Intermediate crude oil futures were slipping, trading lower by 1.77% to $84.45 a barrel on NYMEX.

The spot dollar index was flat and the yield on benchmark 10-year U.S. Treasury notes off by six basis points to 4.61%.

Producer prices were reported at up by 0.5% month-on-month in September (consensus: 0.3%) and by 0.3% at the core level (consensus: 0.2%).

Ian Shepherdson noted how core services prices recorded an annualised increase of 4.8% over the third quarter, against 1.5% during the prior three-month stretch.

But the gain was driven by an "astonishing" 71% leap in trade services prices in annualised terms which he said could not be squared with the improvement in supply chains post-pandemic.

In company news, Exxon shares were 5% lower on the news that it has sealed a $64.5bn deal to buy Pioneer Natural Resources, marking the biggest acquisition of a company this year.

Tempest Therapeutics was the standout gainer, soaring by over 1,600% after publishing the results of its investigational treatment against liver cancer.

Looking ahead, the release of the consumer price index on Thursday would be closely watched and was expected to show that monthly inflation slowed to 0.3% from 0.6%, while the annual rate eased to 3.6% from 3.7%.

Investors were also keeping an eye out for Birkenstock's initial public offering with the shares expected to begin trading below their flotation price.

Dow Jones - Risers

Amgen Inc. (AMGN) $283.73 4.60% Nike Inc. (NKE) $98.43 0.83% Boeing Co. (BA) $195.07 0.80% Walgreens Boots Alliance, Inc. (WBA) $22.50 0.55% Microsoft Corp. (MSFT) $330.15 0.54% International Business Machines Corporation (CDI) (IBM) $142.54 0.31% Intel Corp. (INTC) $36.51 0.22% Walmart Inc. (WMT) $157.84 0.15% Apple Inc. (AAPL) $178.61 0.12% JP Morgan Chase & Co. (JPM) $145.71 0.04%

Dow Jones - Fallers

Chevron Corp. (CVX) $162.28 -2.56% Dow Chemical Co. (DOW) $50.58 -1.42% Coca-Cola Co. (KO) $53.26 -1.42% Procter & Gamble Co. (PG) $142.85 -1.33% Johnson & Johnson (JNJ) $156.82 -0.98% Caterpillar Inc. (CAT) $270.72 -0.91% Verizon Communications Inc. (VZ) $31.50 -0.83% Salesforce.Com Inc. (CRM) $205.24 -0.80% Cisco Systems Inc. (CSCO) $53.44 -0.79% Home Depot Inc. (HD) $297.01 -0.74%

S&P 500 - Risers

Amgen Inc. (AMGN) $283.73 4.60% Eli Lilly and Company (LLY) $603.40 4.16% Gap Inc. (GPS) $11.31 3.38% Adobe Systems Inc. (ADBE) $549.20 3.09% Seagate Technology Plc (STX) $68.59 3.02% NextEra Energy Inc. (NEE) $52.96 2.68% American Tower Corp (Reit) (AMT) $162.74 2.64% Stanley Black & Decker Inc. (SWK) $83.70 2.56% Nordstrom Inc. (JWN) $14.69 2.37% Helmerich & Payne Inc. (HP) $42.42 2.19%

S&P 500 - Fallers

DaVita Inc (DVA) $73.90 -19.04% Baxter International Inc. (BAX) $33.38 -10.55% Zimmer Biomet Holdings Inc (ZBH) $105.30 -6.14% Resmed Inc. (RMD) $141.57 -5.88% Stryker Corp. (SYK) $259.45 -5.46% Coty Inc. Class A (COTY) $9.82 -5.44% Intuitive Surgical Inc. (ISRG) $283.22 -4.91% Boston Scientific Corp. (BSX) $51.17 -4.90% Lamb Weston Holdings, Inc. (LW) $91.86 -4.67% Exxon Mobil Corp. (XOM) $105.63 -4.37%

Nasdaq 100 - Risers

Amgen Inc. (AMGN) $283.73 4.60% Adobe Systems Inc. (ADBE) $549.20 3.09% Seagate Technology Plc (STX) $68.59 3.02% NetEase Inc. Ads (NTES) $108.44 1.90% Wynn Resorts Ltd. (WYNN) $95.42 1.52% Alphabet Inc. Class A (GOOGL) $139.97 1.38% Alphabet Inc. Class C (GOOG) $141.05 1.33% Biogen Inc (BIIB) $267.52 1.28% Meta Platforms Inc. (META) $325.73 1.21% Nvidia Corp. (NVDA) $463.33 1.17%

Nasdaq 100 - Fallers

Intuitive Surgical Inc. (ISRG) $283.22 -4.91% Align Technology Inc. (ALGN) $278.03 -2.96% Hasbro Inc (HAS) $58.14 -2.38% Qurate Retail Inc. (QRTEA) $0.51 -2.34% DENTSPLY Sirona Inc. (XRAY) $31.81 -1.82% Hologic Inc. (HOLX) $69.53 -1.76% Dollar Tree Inc (DLTR) $106.22 -1.75% Dish Network Corp. (DISH) $5.06 -1.75% Monster Beverage Corp (MNST) $49.56 -1.66% QUALCOMM Inc. (QCOM) $110.47 -1.64%