US open: Stocks edge up ahead of CPI data

by | Sep 11, 2023

(Sharecast News) – Wall Street was higher on Monday, taking its cue from European indices, ahead of a raft of key economic data due out later in the week.
“Today’s generally quiet session means that attention is focusing squarely on the US CPI data and ECB decision due this week, and with the risk that both could deliver nasty surprises, risk appetite has been limited,” said Chris Beauchamp, chief market analyst at IG.

The Dow Jones Industrial Average was adding 0.24% to 34,655.34, alongside a 0.47% gain for the S&P 500 to 4,478.85, while the Nasdaq Composite was up by 0.68% to 13,851.64.

European stocks were being helped higher on Monday by data from China, which showed that the world’s second-largest economy move away from deflation territory last month. The consumer price index (CPI) rose 0.1% year-on-year in August, compared with a 0.3% decline in July.

US CPI figures due out on Wednesday were expected to show that prices rose 0.5% in August after a 0.2% gain in July, though core inflation was seen rising again by 0.2% month-on-month.

West Texas Intermediate crude oil was rising 0.14% to $87.65 a barrel, while the yield on the benchmark 10-year US Treasury note was up by one basis point at 4.282%.

Heavyweights Apple and Tesla were making headlines

Apple shares were edging higher ahead of its closely watched Wonderlust event on Tuesday, amid what was typically the US tech giant’s strongest quarter of each year. Shares had fallen 6% during the prior week on reports that China was banning government officials and state agency employees from using iPhones at work.

Rumours were that it might unveil a new iPhone 15 and Apple Watch series 9, according to Michael Hewson, chief market analyst at CMC Markets UK. A new standard iPad with upgraded chipsets was also likely, alongside the new USB-C charging connector, and a possible update on the VisionPro headset.

Tesla was surging after analysts at Morgan Stanley upgraded their stance on the shares to ‘overweight’. The bank said that Dojo, Tesla’s custom supercomputing product that’s been in the works for the past five years, could add “up to $500bn” to Tesla’s enterprise value. It hiked its target price for the stock from $250 to $400.

Dow Jones – Risers

Verizon Communications Inc. (VZ) $33.94 1.45%
3M Co. (MMM) $107.78 1.45%
Procter & Gamble Co. (PG) $154.63 1.11%
Coca-Cola Co. (KO) $58.94 1.04%
Johnson & Johnson (JNJ) $161.91 0.84%
Microsoft Corp. (MSFT) $336.90 0.79%
Travelers Company Inc. (TRV) $160.93 0.65%
Amgen Inc. (AMGN) $261.02 0.61%
JP Morgan Chase & Co. (JPM) $144.54 0.50%
Dow Chemical Co. (DOW) $53.92 0.39%

Dow Jones – Fallers

Walgreens Boots Alliance, Inc. (WBA) $21.68 -1.41%
Chevron Corp. (CVX) $165.55 -0.99%
Boeing Co. (BA) $209.53 -0.82%
Caterpillar Inc. (CAT) $280.44 -0.65%
Nike Inc. (NKE) $97.34 -0.34%
Salesforce.Com Inc. (CRM) $224.14 -0.28%
Cisco Systems Inc. (CSCO) $56.53 -0.25%
Visa Inc. (V) $246.71 -0.23%
Merck & Co. Inc. (MRK) $108.92 -0.12%
Home Depot Inc. (HD) $328.36 -0.11%

S&P 500 – Risers

Nektar Therapeutics (NKTR) $0.65 11.14%
Resmed Inc. (RMD) $154.38 4.35%
M&T Bank Corp. (MTB) $126.29 3.70%
QUALCOMM Inc. (QCOM) $110.00 3.64%
Stryker Corp. (SYK) $299.63 3.48%
Charter Communications Inc. (CHTR) $435.01 2.98%
State Street Corp. (STT) $71.97 2.59%
Teleflex Inc. (TFX) $211.70 2.37%
Abbott Laboratories (ABT) $103.08 2.33%
Everest Group (EG) $379.19 2.29%

S&P 500 – Fallers

RTX Corporation (RTX) $77.22 -7.50%
J. M. Smucker Co. (SJM) $132.57 -6.36%
Harley-Davidson Inc. (HOG) $32.01 -4.52%
VF Corp. (VFC) $18.01 -4.18%
CenturyLink Inc. (LUMN) $1.37 -3.52%
Hanesbrands Inc. (HBI) $4.59 -3.47%
Devon Energy Corp. (DVN) $50.87 -3.40%
Arista Networks Inc. (ANET) $190.84 -2.87%
Marathon Oil Corp. (MRO) $26.53 -2.86%
Macy’s Inc. (M) $11.49 -2.72%

Nasdaq 100 – Risers

Tesla Inc (TSLA) $272.17 9.53%
QUALCOMM Inc. (QCOM) $110.00 3.64%
Vodafone Group Plc ADS (VOD) $9.54 3.58%
NetEase Inc. Ads (NTES) $101.38 3.02%
Charter Communications Inc. (CHTR) $435.01 2.98%
Amazon.Com Inc. (AMZN) $141.28 2.21%
Mondelez International Inc. (MDLZ) $71.32 2.16%
Kraft Heinz Co. (KHC) $33.60 1.93%
Baidu Inc. (BIDU) $138.23 1.89%
Meta Platforms Inc. (META) $303.01 1.72%

Nasdaq 100 – Fallers

Gen Digital Inc. (GEN) $19.55 -2.23%
Lam Research Corp. (LRCX) $654.16 -2.20%
Nvidia Corp. (NVDA) $446.36 -2.05%
KLA-Tencor Corp. (KLAC) $488.13 -1.93%
Seagate Technology Plc (STX) $64.15 -1.87%, Inc. (JD) $31.80 -1.85%
Applied Materials Inc. (AMAT) $145.11 -1.64%
Skyworks Solutions Inc. (SWKS) $97.85 -1.54%
Walgreens Boots Alliance, Inc. (WBA) $21.68 -1.41%
Expedia Group Inc. (EXPE) $108.40 -1.28%

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