US open: Stocks mixed following October CPI reading

(Sharecast News) - Wall Street trading got off to a mixed start on Wednesday as market participants digested fresh inflation data. As of 1530 GMT, the Dow Jones Industrial Average was up 0.06% at 43,938.81, while the S&P 500 lost 0.10% to 5,978.13 and the Nasdaq Composite came out the gate 0.33% weaker at 19,218.22.

The Dow opened 27.83 points higher on Wednesday, doing little to reclaim losses recorded in the previous session as major indices took a break from their recent post-election rally.

Wednesday's primary focus was news that the US consumer price index increased to 315.66 points in October, according to the Bureau of Labor Statistics, up from 315.30 points in September. The reading will likely play a big part in influencing the Federal Reserve's monetary policy decisions going forward.

On a monthly basis, CPI rose by 0.2%, in line with both the previous three months and analysts' expectations, while the annual inflation rate increased to 2.6% in October, up from 2.4% in September. Core inflation, which strips out volatile food and energy prices, was up 3.3% on an annualised basis and 0.3% on a monthly basis.

Elsewhere on the macro front, US mortgage applications rose 0.5% in the week ended 8 November, according to the Mortgage Bankers Association of America, in line with the 72 basis point surge in benchmark interest rates since the beginning of Q4. Applications to refinance a mortgage fell 2% week-on-week, while purchase applications rose 2%.

In the corporate space, Spotify shares traded higher despite posting quarterly numbers that fell short of Wall Street expectations on both the top and bottom lines.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Home Depot Inc. (HD) $408.94 1.45% Verizon Communications Inc. (VZ) $40.92 1.30% Walgreens Boots Alliance, Inc. (WBA) $9.11 1.17% 3M Co. (MMM) $131.56 0.93% Goldman Sachs Group Inc. (GS) $598.03 0.92% JP Morgan Chase & Co. (JPM) $241.65 0.87% Amgen Inc. (AMGN) $301.36 0.84% Salesforce.Com Inc. (CRM) $343.55 0.70% Intel Corp. (INTC) $24.23 0.29% Nike Inc. (NKE) $76.81 0.20%

Dow Jones - Fallers

Boeing Co. (BA) $142.60 -1.77% Caterpillar Inc. (CAT) $387.55 -1.39% Unitedhealth Group Inc. (UNH) $607.98 -1.09% Microsoft Corp. (MSFT) $419.36 -0.87% McDonald's Corp. (MCD) $297.27 -0.46% Travelers Company Inc. (TRV) $256.86 -0.44% Visa Inc. (V) $308.58 -0.41% Merck & Co. Inc. (MRK) $98.28 -0.31% Cisco Systems Inc. (CSCO) $58.53 -0.31% Apple Inc. (AAPL) $223.58 -0.29%

S&P 500 - Risers

Albemarle Corp. (ALB) $109.86 6.87% American Airlines Group (AAL) $14.40 3.56% Southwest Airlines Co. (LUV) $32.95 2.87% United Airlines Holdings Inc (UAL) $91.40 2.55% Cummins Inc. (CMI) $363.39 2.34% Advance Auto Parts (AAP) $40.83 2.32% Charter Communications Inc. (CHTR) $400.42 2.15% NRG Energy Inc. (NRG) $94.65 2.14% Pentair plc (PNR) $106.24 2.07% Whirlpool Corp. (WHR) $112.73 2.03%

S&P 500 - Fallers

Skyworks Solutions Inc. (SWKS) $83.67 -3.88% KLA-Tencor Corp. (KLAC) $640.76 -3.61% Occidental Petroleum Corp. (OXY) $48.78 -3.00% Schlumberger Ltd. (SLB) $43.35 -2.21% J.B. Hunt Transport Services Inc. (JBHT) $188.33 -2.19% Lam Research Corp. (LRCX) $74.06 -2.17% Qorvo, Inc. (QRVO) $65.83 -2.14% National Oilwell Varco Inc. (NOV) $16.19 -2.12% FMC Technologies Inc. (FTI) $28.55 -2.06% Apache Corp. (APA) $21.42 -2.06%

Nasdaq 100 - Risers

American Airlines Group (AAL) $14.40 3.56% Vodafone Group Plc ADS (VOD) $8.67 2.37% Charter Communications Inc. (CHTR) $400.42 2.15% Workday, Inc. (WDAY) $274.71 1.62% Vertex Pharmaceuticals Inc. (VRTX) $497.93 1.62% Incyte Corp. (INCY) $81.56 1.21% Walgreens Boots Alliance, Inc. (WBA) $9.11 1.17% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $383.64 1.01% Intuit Inc. (INTU) $706.52 1.01% Amgen Inc. (AMGN) $301.36 0.84%

Nasdaq 100 - Fallers

Liberty Global plc Series A (LBTYA) $11.65 -43.80% Liberty Global plc Series C (LBTYK) $12.03 -42.99% Qurate Retail Inc. (QRTEA) $0.44 -4.03% Skyworks Solutions Inc. (SWKS) $83.67 -3.88% Trip.com Group Limited (TCOM) $61.55 -3.86% KLA-Tencor Corp. (KLAC) $640.76 -3.61% NetEase Inc. Ads (NTES) $76.06 -3.07% J.B. Hunt Transport Services Inc. (JBHT) $188.33 -2.19% Lam Research Corp. (LRCX) $74.06 -2.17% Micron Technology Inc. (MU) $101.96 -2.06%