US open: Stocks start week on front foot

by | Aug 7, 2023

(Sharecast News) – Stocks on Wall Street were moving higher in early trading, bouncing back from their worst week since March.
Fedspeak was in focus after Federal Reserve Governor, Michel Bowman, said she expected further interest rate hikes to be needed to return inflation back to the central bank’s 2% target.

Bowman had said the same at another meeting during the weekend, adding that besides consistent evidence that price growth was headed back to target, she would also be watching for signs of slower consumption and a looser jobs market.

As of 1453 BST, the Dow Jones Industrials was adding 0.74% to 35,318.02, alongside a 0.5% advance for the S&P 500 to 4,500.58.

In parallel, the yield on the benchmark 10-year US Treasury note was up by three basis points to 4.071%.

No major economic reports were scheduled to be published on Monday.

For later in the week, the main risk event for markets would be the July Consumer Price Index that was due out on Thursday, 10 June.

On the company side of things, Tesla was in the spotlight after announcing that its chief financial officer had decided to step down.

Zach Kirkhorn was the second one to have done so in just over four years, although he had been at the carmaker since 2010.

Campbell Soup was also drawing attention after announcing the acquisition of Sovos Brands for an enterprise value of $2.7bn.

Dow Jones – Risers

Boeing Co. (BA) $238.17 2.94%
Johnson & Johnson (JNJ) $171.38 1.39%
Travelers Company Inc. (TRV) $170.84 1.30%
Unitedhealth Group Inc. (UNH) $509.01 1.25%
Dow Chemical Co. (DOW) $55.01 0.92%
Walmart Inc. (WMT) $159.79 0.92%
Procter & Gamble Co. (PG) $156.68 0.90%
Nike Inc. (NKE) $109.68 0.80%
Amgen Inc. (AMGN) $245.22 0.80%
Goldman Sachs Group Inc. (GS) $355.79 0.73%

Dow Jones – Fallers

Apple Inc. (AAPL) $178.84 -1.73%
Dowdupont Inc. (DWDP) $0.00 0.00%
3M Co. (MMM) $105.53 0.02%
Verizon Communications Inc. (VZ) $32.65 0.08%
Merck & Co. Inc. (MRK) $105.10 0.10%
Walt Disney Co. (DIS) $86.40 0.12%
Walgreens Boots Alliance, Inc. (WBA) $29.90 0.13%
Salesforce.Com Inc. (CRM) $215.10 0.24%
Cisco Systems Inc. (CSCO) $52.79 0.30%
Coca-Cola Co. (KO) $60.90 0.31%

S&P 500 – Risers

Nektar Therapeutics (NKTR) $0.73 37.08%
DaVita Inc (DVA) $115.07 5.76%
Resmed Inc. (RMD) $188.48 5.15%
Expedia Group Inc. (EXPE) $106.93 3.62%
Boeing Co. (BA) $238.17 2.94%
Extra Space Storage (EXR) $129.12 2.72%
Berkshire Hathaway Inc. Class B (BRK.B) $358.79 2.51%
Carnival Corp. (CCL) $17.58 2.45%
United Rentals Inc. (URI) $476.79 2.36%
Humana Inc. (HUM) $495.40 2.30%

S&P 500 – Fallers

Tyson Foods Inc. (TSN) $51.42 -8.92%
Fluor Corp. (FLR) $34.28 -4.63%
Hanesbrands Inc. (HBI) $5.18 -2.91%
Nordstrom Inc. (JWN) $22.05 -2.86%
Dish Network Corp. (DISH) $7.38 -2.77%
Henry Schein Inc. (HSIC) $75.96 -2.73%
Harley-Davidson Inc. (HOG) $36.64 -2.42%
Apple Inc. (AAPL) $178.84 -1.73%
CF Industries Holdings Inc. (CF) $79.83 -1.73%
VF Corp. (VFC) $19.10 -1.55%

Nasdaq 100 – Risers

Expedia Group Inc. (EXPE) $106.93 3.62%
Booking Holdings Inc. (BKNG) $3,132.11 2.25%
Seagate Technology Plc (STX) $68.00 1.81%
Cognizant Technology Solutions Corp. (CTSH) $72.25 1.76%
Monster Beverage Corp (MNST) $55.93 1.49%
Applied Materials Inc. (AMAT) $147.80 1.47%
Cadence Design Systems Inc. (CDNS) $232.33 1.45%
Fastenal Co. (FAST) $56.88 1.43%
Automatic Data Processing Inc. (ADP) $248.91 1.28%
Synopsys Inc. (SNPS) $446.93 1.25%

Nasdaq 100 – Fallers

Qurate Retail Inc. (QRTEA) $0.91 -3.31%
Dish Network Corp. (DISH) $7.38 -2.77%
Tesla Inc (TSLA) $246.90 -2.74%
Henry Schein Inc. (HSIC) $75.96 -2.73%
Sirius XM Holdings Inc (SIRI) $4.72 -2.17%
Baidu Inc. (BIDU) $145.24 -2.04%
Apple Inc. (AAPL) $178.84 -1.73%, Inc. (JD) $38.71 -0.97%
QUALCOMM Inc. (QCOM) $120.41 -0.90%
Biomarin Pharmaceutical Inc. (BMRN) $87.86 -0.76%

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