US open: Stocks higher following PPI reading

(Sharecast News) - Wall Street stocks were in the green early on Tuesday as market participants got their first look at this week's key inflation numbers. As of 1530 BST, the Dow Jones Industrial Average was up 0.30% at 39,475.02, while the S&P 500 advanced 0.83% to 5,388.77 and the Nasdaq Composite came out the gate 1.44% firmer at 17,022.90.

The Dow opened 118.01 points higher on Tuesday, reclaiming much of the previous session's losses.

US producer prices rose by less than expected in July, according to the Bureau of Labor Statistics. Producer prices increased 0.1% to 144.67 points in July, up from 144.53 in June but short of preliminary estimates for a 0.2% month-on-month uptick. On an annualised basis, PPI was up 2.2%.

On Wednesday, the Bureau of Labor Statistics will publish last month's consumer price index, giving an all-important look at how price changes have impacted consumers in their day-to-day lives.

Elsewhere on the macro front, the National Federation of Independent Business' small business optimism index rose to 93.7 in July, up from 91.5 in June for the highest reading since Russia's invasion of Ukraine in February 2022 but was still below the 50-year average of 98.25%.

In the corporate space, Home Depot traded despite the retailer's H2 sales warning, with the group now expecting to report a 3-4% year-on-year decline in full-year comparable sales.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Nike Inc. (NKE) $76.51 2.51% Apple Inc. (AAPL) $220.43 1.71% Unitedhealth Group Inc. (UNH) $571.79 1.15% Salesforce.Com Inc. (CRM) $254.03 1.08% Microsoft Corp. (MSFT) $410.68 1.03% Merck & Co. Inc. (MRK) $114.44 0.85% Intel Corp. (INTC) $19.90 0.71% Goldman Sachs Group Inc. (GS) $487.32 0.37% Home Depot Inc. (HD) $347.00 0.34% International Business Machines Corporation (CDI) (IBM) $189.76 0.15%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $10.39 -2.26% Walmart Inc. (WMT) $67.41 -1.88% Johnson & Johnson (JNJ) $156.97 -1.82% Chevron Corp. (CVX) $143.36 -1.14% Cisco Systems Inc. (CSCO) $45.06 -0.98% Boeing Co. (BA) $163.35 -0.48% Walt Disney Co. (DIS) $85.58 -0.43% Caterpillar Inc. (CAT) $334.65 -0.41% Travelers Company Inc. (TRV) $208.90 -0.40% McDonald's Corp. (MCD) $268.55 -0.34%

S&P 500 - Risers

Starbucks Corp. (SBUX) $93.16 20.46% CenturyLink Inc. (LUMN) $4.92 6.03% Nvidia Corp. (NVDA) $112.65 4.64% QUALCOMM Inc. (QCOM) $164.61 3.71% VF Corp. (VFC) $17.18 3.59% Advanced Micro Devices Inc. (AMD) $139.24 3.28% Resmed Inc. (RMD) $221.49 3.19% Mosaic Company (MOS) $28.14 2.85% Eli Lilly and Company (LLY) $908.91 2.77% Foot Locker Inc. (FL) $31.96 2.76%

S&P 500 - Fallers

Chipotle Mexican Grill Inc. (CMG) $48.05 -14.00% Baxter International Inc. (BAX) $34.52 -6.53% Occidental Petroleum Corp. (OXY) $57.27 -2.90% Huntington Bancshares Inc. (HBAN) $13.39 -2.80% Fifth Third Bancorp (FITB) $39.05 -2.74% Diamondback Energy Inc. (FANG) $197.69 -2.43% Zions Bancorporation (ZION) $45.81 -2.31% Walgreens Boots Alliance, Inc. (WBA) $10.39 -2.26% Coterra Energy Inc. (CTRA) $23.86 -1.95% Valero Energy Corp. (VLO) $148.63 -1.89%

Nasdaq 100 - Risers

Starbucks Corp. (SBUX) $93.16 20.46% Nvidia Corp. (NVDA) $112.65 4.64% QUALCOMM Inc. (QCOM) $164.61 3.71% Western Digital Corp. (WDC) $61.01 2.29% Meta Platforms Inc. (META) $525.40 2.22% Illumina Inc. (ILMN) $125.62 2.20% Intuit Inc. (INTU) $642.64 2.17% Henry Schein Inc. (HSIC) $69.33 2.16% Tesla Inc (TSLA) $201.70 2.16% Biomarin Pharmaceutical Inc. (BMRN) $90.60 1.88%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.61 -4.17% Sirius XM Holdings Inc (SIRI) $3.01 -3.19% Walgreens Boots Alliance, Inc. (WBA) $10.39 -2.26% Gen Digital Inc. (GEN) $24.59 -1.28% CSX Corp. (CSX) $33.44 -1.24% Take-Two Interactive Software Inc. (TTWO) $146.37 -1.18% Kraft Heinz Co. (KHC) $34.21 -1.18% eBay Inc. (EBAY) $55.99 -1.13% NetEase Inc. Ads (NTES) $89.32 -1.06% Hologic Inc. (HOLX) $82.18 -1.00%