US open: Stocks move higher, buoyed by inflation data and Fedspeak

(Sharecast News) - Wall Street was trading on the front foot at the end of the week, buoyed by better-than-expected inflation data. As of 1823 BST, the Dow Jones Industrials was rising 0.62% to 41,362.66, alongside a 0.46% advance for the S&P 500 to 5,621.78.

Gold and crude oil futures were both higher, but the dollar and two-year US Treasury note yields were trading lower.

Helping sentiment, in remarks made overnight at a forum organised by The Breton Woods Committee, former New York Fed chief, William Dudley, said he saw a "strong" case for a 50 basis-point reduction when the Fed next met on 17-18 September.

"I know what I'd be pushing for," Dudley said, according to Bloomberg.

Fed funds futures were assigning 43% odds to a 50bp cut.

Boeing was in the news again, after 33,000 workers in the Pacific Northwest voted to go on strike, pushing the shares down by a further 3%.

Adobe shares shed 9% on the back of fourth quarter guidance from the software group that underwhelmed investors.

Oracle was rising 1% after lifting its medium-term revenue guidance above analysts' forecasts.

In other economic news, the Department of Labor reported a 0.3% month-on-month decline in import prices (consensus: -0.2%).

The University of Michigan's consumer confidence index edged up from a reading of 67.9 for August to 69.0 in September (consensus: 68.0).

Inflation expectations for a year ahead declined to 2.7% - the lowest level since December 2020 - to well within the 2.3-3.0% observed over the two years before the pandemic.

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $9.22 4.30% Caterpillar Inc. (CAT) $346.21 1.95% Home Depot Inc. (HD) $381.37 1.85% Intel Corp. (INTC) $19.70 1.76% International Business Machines Corporation (CDI) (IBM) $215.19 1.69% American Express Co. (AXP) $259.32 1.63% Travelers Company Inc. (TRV) $237.51 1.45% Walt Disney Co. (DIS) $90.56 1.41% Chevron Corp. (CVX) $141.12 1.37% Goldman Sachs Group Inc. (GS) $479.83 1.22%

Dow Jones - Fallers

Boeing Co. (BA) $160.41 -1.45% JP Morgan Chase & Co. (JPM) $204.82 -0.86% Coca-Cola Co. (KO) $71.15 -0.11% Dowdupont Inc. (DWDP) $0.00 0.00% Merck & Co. Inc. (MRK) $115.54 0.26% 3M Co. (MMM) $132.41 0.29% Dow Chemical Co. (DOW) $50.40 0.29% Johnson & Johnson (JNJ) $165.13 0.30% Procter & Gamble Co. (PG) $174.13 0.38% Apple Inc. (AAPL) $223.84 0.48%

S&P 500 - Risers

Hanesbrands Inc. (HBI) $6.83 6.72% VF Corp. (VFC) $18.37 6.55% Harley-Davidson Inc. (HOG) $37.47 5.64% Align Technology Inc. (ALGN) $241.13 5.36% Whirlpool Corp. (WHR) $98.76 5.21% Nektar Therapeutics (NKTR) $1.31 4.80% Alaska Air Group Inc. (ALK) $41.82 4.68% Walgreens Boots Alliance, Inc. (WBA) $9.22 4.30% Foot Locker Inc. (FL) $26.43 4.22% Micron Technology Inc. (MU) $90.80 4.12%

S&P 500 - Fallers

Adobe Systems Inc. (ADBE) $532.38 -9.24% Albemarle Corp. (ALB) $86.85 -1.86% United Parcel Service Inc. (UPS) $126.36 -1.60% Boeing Co. (BA) $160.41 -1.45% JP Morgan Chase & Co. (JPM) $204.82 -0.86% Norfolk Southern Corp. (NSC) $252.40 -0.86% Humana Inc. (HUM) $321.76 -0.84% American International Group Inc. (AIG) $72.61 -0.78% Biogen Inc (BIIB) $196.46 -0.72% Digital Realty Trust (DLR) $159.34 -0.72%

Nasdaq 100 - Risers

Align Technology Inc. (ALGN) $241.13 5.36% Walgreens Boots Alliance, Inc. (WBA) $9.22 4.30% Micron Technology Inc. (MU) $90.80 4.12% Henry Schein Inc. (HSIC) $70.84 3.92% Wynn Resorts Ltd. (WYNN) $79.15 3.79% Lam Research Corp. (LRCX) $771.32 3.15% DENTSPLY Sirona Inc. (XRAY) $26.12 2.88% Dollar Tree Inc (DLTR) $69.81 2.82% Applied Materials Inc. (AMAT) $188.07 2.65% Western Digital Corp. (WDC) $64.85 2.53%

Nasdaq 100 - Fallers

Adobe Systems Inc. (ADBE) $532.38 -9.24% Sirius XM Holdings Inc (SIRI) $24.91 -2.40% JD.com, Inc. (JD) $26.22 -1.63% Biogen Inc (BIIB) $196.46 -0.72% Gilead Sciences Inc. (GILD) $82.73 -0.52% Baidu Inc. (BIDU) $83.64 -0.51% Mercadolibre Inc. (MELI) $2,131.00 -0.43% Verisk Analytics Inc. (VRSK) $268.26 -0.41% Tesla Inc (TSLA) $228.88 -0.40% Regeneron Pharmaceuticals Inc. (REGN) $1,160.26 -0.36%