US open: Stocks trade higher on AI optimism

(Sharecast News) - Major indices were in the green early on Wednesday as tech stocks continued to trade higher on AI optimism. As of 1530 GMT, the Dow Jones Industrial Average was up 0.30% at 44,157.09, while the S&P 500 advanced 0.66% to 6,089.02 and the Nasdaq Composite came out the gate 1.23% firmer at 20,000.05.

The Dow opened 131.28 points higher on Wednesday, extending gains recorded in the previous session.

Stocks traded higher despite President Donald Trump telling Americans he was mulling over slapping a 10% tariff on China as soon as 1 February and that he was also weighing up whether or not he would place levies on Canada and Mexico.

The tech-heavy Nasdaq was leading the charge early on Wednesday, breaking above the 20,000 point barrier, after President Trump announced 'Stargate', a joint venture between OpenAI, Oracle and Softbank that will see "at least" $500.0bn invested into AI infrastructure in the US, helping to lift tech stocks.

Elsewhere in the corporate space, Netflix shares were up double digits at the open after the streaming giant posted Q4 earnings and revenue that topped analysts' expectations, while Procter & Gamble was in the green on the back of stronger-than-expected quarterly earnings, and Johnson & Johnson also traded higher after reporting a beat on both the top and bottom lines.

On the macro front, US mortgage applications rose 0.1% in the week ended 17 January, according to the Mortgage Bankers Association of America, with applications to purchase a home edging 0.6% higher week-on-week, offsetting a 2.9% drop in applications to refinance an existing mortgage.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Travelers Company Inc. (TRV) $253.49 5.99% Procter & Gamble Co. (PG) $166.35 2.86% Microsoft Corp. (MSFT) $440.22 2.74% 3M Co. (MMM) $148.90 1.36% Salesforce.Com Inc. (CRM) $330.67 1.17% Nike Inc. (NKE) $73.89 0.98% American Express Co. (AXP) $320.77 0.89% Intel Corp. (INTC) $21.95 0.85% Cisco Systems Inc. (CSCO) $61.35 0.52% Dowdupont Inc. (DWDP) $0.00 0.00%

Dow Jones - Fallers

Johnson & Johnson (JNJ) $143.76 -2.97% International Business Machines Corporation (CDI) (IBM) $221.01 -1.45% Home Depot Inc. (HD) $413.36 -1.21% Dow Chemical Co. (DOW) $41.19 -0.93% Chevron Corp. (CVX) $157.00 -0.78% Verizon Communications Inc. (VZ) $38.73 -0.74% Goldman Sachs Group Inc. (GS) $631.54 -0.50% Unitedhealth Group Inc. (UNH) $522.54 -0.47% JP Morgan Chase & Co. (JPM) $261.83 -0.46% Merck & Co. Inc. (MRK) $95.88 -0.37%

S&P 500 - Risers

Netflix Inc. (NFLX) $977.58 12.41% Seagate Technology Plc (STX) $110.22 8.86% Arista Networks Inc. (ANET) $129.44 6.53% Oracle Corp. (ORCL) $183.47 6.32% Amphenol Corp. (APH) $77.11 6.03% Travelers Company Inc. (TRV) $253.49 5.99% TE Connectivity Ltd (TEL) $155.11 4.59% Mosaic Company (MOS) $28.25 4.22% Nvidia Corp. (NVDA) $146.48 4.01% Western Digital Corp. (WDC) $69.92 3.69%

S&P 500 - Fallers

Textron Inc. (TXT) $76.88 -5.32% Comerica Inc. (CMA) $63.21 -4.78% Halliburton Co. (HAL) $28.28 -4.23% Ford Motor Co. (F) $10.06 -3.50% ONEOK Inc. (OKE) $106.08 -3.43% Fifth Third Bancorp (FITB) $43.33 -3.41% Johnson & Johnson (JNJ) $143.76 -2.97% Smith A O Corp. (AOS) $70.88 -2.50% Royal Caribbean Cr (RCL) $237.34 -2.44% Citizens Financial Group, Inc. (CFG) $47.17 -2.36%

Nasdaq 100 - Risers

Netflix Inc. (NFLX) $977.58 12.41% Seagate Technology Plc (STX) $110.22 8.86% Nvidia Corp. (NVDA) $146.48 4.01% Western Digital Corp. (WDC) $69.92 3.69% Lam Research Corp. (LRCX) $83.98 3.04% Applied Materials Inc. (AMAT) $198.70 3.02% Cadence Design Systems Inc. (CDNS) $320.13 2.94% Microsoft Corp. (MSFT) $440.22 2.74% Synopsys Inc. (SNPS) $544.07 2.70% Asml Holdings N.V. (ASML) $782.23 2.52%

Nasdaq 100 - Fallers

Trip.com Group Limited (TCOM) $67.19 -2.57% Qurate Retail Inc. (QRTEA) $0.35 -1.52% Vodafone Group Plc ADS (VOD) $8.43 -1.40% Dollar Tree Inc (DLTR) $72.73 -1.40% Liberty Global plc Series C (LBTYK) $11.85 -1.37% Incyte Corp. (INCY) $72.50 -1.32% Tesla Inc (TSLA) $418.50 -1.31% Gen Digital Inc. (GEN) $26.99 -1.21% Liberty Global plc Series A (LBTYA) $11.57 -1.15% Baidu Inc. (BIDU) $82.79 -1.08%