US open: Mixed start to trading as inflation, trade tensions remain in focus

(Sharecast News) - Wall Street trading got off to a mixed start on Wednesday as investors digested February's CPI reading and trade tensions between the US and a number of its major trading partners continued to weigh on sentiment. As of 1555 GMT, the Dow Jones Industrial Average was down 0.33% at 41,298.27, while the S&P 500 advanced 0.44% to 5,596.70 and the Nasdaq Composite came out the gate 1.14% firmer at 17,634.56.

The Dow opened 135.21 points lower on Wednesday, extending heavy losses recorded in the previous session after Donald Trump announced that he would double tariffs on steel and aluminium imports to 50% in response to Canada's move to take a 25% levy on electricity exports.

Doug Ford, Premier of Ontario, later said he would put a pause on the surcharge, and White House trade advisor Peter Navarro stated Trump would not raise the Canadian steel and aluminium tariffs to 50%. However, the original 25% duties still came into effect on Wednesday, leading Canada to impose 25% retaliatory duties on more than $20.0bn worth of US goods. The European Union also vowed to impose counter-tariffs on €26.0bn worth of US imports beginning in April.

Today's primary focus, however, will undoubtedly be last month's consumer price index, which increased to 319.08 points in February, up from 317.67 points in January, according to the Bureau of Labor Statistics, with the annual inflation rate easing to 2.8% from 3% in January and below market expectations of 2.9%. On a monthly basis, CPI rose by 0.2%, slowing from 0.5% in January and below market expectations of 0.3%

Elsewhere on the macro front, US mortgage applications surged 11.2% in the week ended 7 March, according to the Mortgage Bankers Association of America. Last week's increase extends the seven-week high surge of 20.4% in the last week of February and comes in line with another decrease in benchmark mortgage rates as fears of a potential US recession kept yields on asset-backed securities in check. Applications to refinance a mortgage soared by 16%, while applications to purchase a new home were up by 7%.

In the corporate space, Groupon shares were higher in early trading thanks to some better-than-expected FY revenue guidance, while convenience store operator Casey's General Stores was also in the green on the back of Q3 results that came in ahead of analysts' expectations.







Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $20.43 3.31% Salesforce.Com Inc. (CRM) $281.93 1.76% American Express Co. (AXP) $258.60 1.26% Boeing Co. (BA) $155.61 1.01% 3M Co. (MMM) $148.75 0.82% Goldman Sachs Group Inc. (GS) $534.76 0.63% Microsoft Corp. (MSFT) $382.23 0.47% JP Morgan Chase & Co. (JPM) $229.70 0.24% Dowdupont Inc. (DWDP) $0.00 0.00% Cisco Systems Inc. (CSCO) $60.66 -0.02%

Dow Jones - Fallers

Verizon Communications Inc. (VZ) $41.72 -3.95% Procter & Gamble Co. (PG) $168.64 -2.59% McDonald's Corp. (MCD) $299.00 -2.53% Travelers Company Inc. (TRV) $249.18 -2.11% Walmart Inc. (WMT) $85.69 -2.00% Johnson & Johnson (JNJ) $162.72 -1.89% Dow Chemical Co. (DOW) $36.02 -1.77% Apple Inc. (AAPL) $217.04 -1.72% Amgen Inc. (AMGN) $313.50 -1.69% Home Depot Inc. (HD) $362.76 -1.47%

S&P 500 - Risers

Micron Technology Inc. (MU) $95.16 6.86% Nvidia Corp. (NVDA) $114.85 5.60% NRG Energy Inc. (NRG) $92.57 4.46% Discover Financial Services (DFS) $163.82 3.83% Oracle Corp. (ORCL) $149.58 3.75% Cadence Design Systems Inc. (CDNS) $242.80 3.65% Lam Research Corp. (LRCX) $76.00 3.60% Intel Corp. (INTC) $20.43 3.31% Western Digital Corp. (WDC) $43.15 3.23% Eaton Corporation plc (ETN) $291.39 3.22%

S&P 500 - Fallers

Kohls Corp. (KSS) $8.44 -7.81% Brown Forman Corp. Class B (BF.B) $33.51 -6.99% United Airlines Holdings Inc (UAL) $71.52 -5.97% Harley-Davidson Inc. (HOG) $24.48 -5.70% Estee Lauder Co. Inc. (EL) $65.93 -5.27% Under Armour Inc. Class A (UAA) $7.02 -4.88% H&R Block Inc. (HRB) $50.79 -4.80% American Airlines Group (AAL) $10.94 -4.49% Under Armour, Inc. (UA) $6.36 -4.36% Delta Airlines Inc. (DAL) $44.72 -4.20%

Nasdaq 100 - Risers

Micron Technology Inc. (MU) $95.16 6.86% Tesla Inc (TSLA) $245.97 6.67% Nvidia Corp. (NVDA) $114.85 5.60% Cadence Design Systems Inc. (CDNS) $242.80 3.65% Lam Research Corp. (LRCX) $76.00 3.60% Intel Corp. (INTC) $20.43 3.31% Western Digital Corp. (WDC) $43.15 3.23% Broadcom Inc. (AVGO) $195.96 3.09% Synopsys Inc. (SNPS) $442.58 2.76% Applied Materials Inc. (AMAT) $150.27 2.23%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.21 -7.61% American Airlines Group (AAL) $10.94 -4.49% Regeneron Pharmaceuticals Inc. (REGN) $688.71 -4.10% Baidu Inc. (BIDU) $90.61 -4.08% Mondelez International Inc. (MDLZ) $65.21 -3.89% Wynn Resorts Ltd. (WYNN) $84.27 -3.56% Trip.com Group Limited (TCOM) $59.51 -3.37% Cognizant Technology Solutions Corp. (CTSH) $79.70 -3.36% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $331.41 -3.30% Charter Communications Inc. (CHTR) $344.75 -3.12%