US open: Dow reverses Tuesday's losses, S&P 500 continues record-setting advance

(Sharecast News) - Major indices were in the green on Wednesday as the S&P 500 continued to build up another record close. As of 1520 GMT, the Dow Jones Industrial Average was up 0.57% at 44,960.80, while the S&P 500 advanced 0.32% to 6,069.11 and the Nasdaq Composite came out the gate 0.67% firmer at 19,612.25.

The Dow opened 255.27 points higher on Wednesday, reversing losses recorded in the previous session.

A number of data points were in focus early on Wednesday, with mortgage applications rising 2.8% in the week ended 29 November, according to the Mortgage Bankers Association, slowing from the previous week's 6.3% surge. Applications to refinance a mortgage retreated, while applications to purchase a home surged.

Elsewhere on the macro front, private sector employment in the US rose less than expected in November, according to ADP. Employment increased by 146,000 from October, versus expectations for a 163,000 jump. October's gain was revised down from 233,000 to 184,000.

On another note, S&P Global's composite PMI climbed to 54.9 in November, short of preliminary estimates for a reading of 55.3 despite being a 31-month high. S&P's services PMI was downwardly revised from a preliminary reading of 57 to 56.1 in November but remained above October's reading of 55.

Still on data, new orders for US manufactured goods increased by 0.2% to $586.7bn in October, according to the Census Bureau, in line with expectations and following September's 0.2% month-on-month decrease.

Finally, the Institute for Supply Management's November services PMI declined to 52.1 in November, down from 56 in October and well and truly short of expectations for a reading of 55.5. Last month's reading pointed to the slowest growth in the services sector in three months, driven by falling business activity, new orders, employment and supplier deliveries.

Comments from Federal Reserve chairman Jerome Powell at 1845 GMT will also draw an amount of investor attention.

In the corporate space, Salesforce shares on the back of Q3 revenues that came in ahead of expectations on the Street, while chipmaker Marvell also traded higher after posting Q3 earnings that came in ahead of expectations and issuing strong Q4 guidance.

Discount retailer Dollar Tree beat earnings estimates, while Foot Locker was in the red after the footwear retailer provided a disappointing holiday outlook.

On another note, UnitedHealth cancelled its investor day event on Wednesday after UnitedHealthcare chief executive Brian Thompson was fatally shot in the chest outside the Hilton Hotel in Midtown Manhattan.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $360.10 8.65% Microsoft Corp. (MSFT) $437.17 1.38% International Business Machines Corporation (CDI) (IBM) $232.07 1.34% Unitedhealth Group Inc. (UNH) $611.59 1.05% Apple Inc. (AAPL) $243.87 0.50% Cisco Systems Inc. (CSCO) $59.69 0.35% Caterpillar Inc. (CAT) $400.33 0.27% Dowdupont Inc. (DWDP) $0.00 0.00% Boeing Co. (BA) $155.00 0.00% American Express Co. (AXP) $302.07 -0.01%

Dow Jones - Fallers

Dow Chemical Co. (DOW) $42.55 -3.01% Verizon Communications Inc. (VZ) $43.02 -1.85% Johnson & Johnson (JNJ) $149.93 -1.59% Chevron Corp. (CVX) $159.85 -1.28% Coca-Cola Co. (KO) $62.71 -1.28% Nike Inc. (NKE) $77.93 -1.18% Amgen Inc. (AMGN) $275.26 -1.10% Intel Corp. (INTC) $22.23 -1.09% Visa Inc. (V) $310.14 -0.92% Merck & Co. Inc. (MRK) $101.05 -0.79%

S&P 500 - Risers

Salesforce.Com Inc. (CRM) $360.10 8.65% AES Corp. (AES) $13.81 5.82% Edwards Lifesciences Corp. (EW) $73.21 4.28% Adobe Systems Inc. (ADBE) $536.19 3.86% Chipotle Mexican Grill Inc. (CMG) $63.28 3.84% Fluor Corp. (FLR) $56.79 3.82% NetApp Inc. (NTAP) $128.77 3.29% Incyte Corp. (INCY) $74.27 3.11% NRG Energy Inc. (NRG) $102.11 3.03% Oracle Corp. (ORCL) $188.36 2.99%

S&P 500 - Fallers

Arista Networks Inc. (ANET) $106.86 -74.22% Foot Locker Inc. (FL) $21.10 -12.68% Globe Life Inc. (GL) $103.98 -5.03% LyondellBasell Industries (LYB) $77.74 -3.77% Lennar Corp. Class A (LEN) $167.55 -3.47% Alexandria Real Estate Equities Inc. (ARE) $104.50 -3.26% PulteGroup Inc. (PHM) $129.85 -3.10% Nektar Therapeutics (NKTR) $1.04 -2.80% Phillips 66 Common Stock (PSX) $130.77 -2.76% Marathon Petroleum Corporation (MPC) $151.26 -2.72%

Nasdaq 100 - Risers

Adobe Systems Inc. (ADBE) $536.19 3.86% Workday, Inc. (WDAY) $265.85 3.42% Incyte Corp. (INCY) $74.27 3.11% Amazon.Com Inc. (AMZN) $219.28 2.73% Broadcom Inc. (AVGO) $172.06 2.33% American Airlines Group (AAL) $14.76 1.97% Cadence Design Systems Inc. (CDNS) $319.30 1.93% Mercadolibre Inc. (MELI) $1,965.01 1.84% Synopsys Inc. (SNPS) $580.54 1.82% NetEase Inc. Ads (NTES) $90.89 1.71%

Nasdaq 100 - Fallers

JD.com, Inc. (JD) $35.76 -3.63% Qurate Retail Inc. (QRTEA) $0.41 -3.11% Gilead Sciences Inc. (GILD) $90.16 -2.52% Mondelez International Inc. (MDLZ) $63.19 -2.50% Trip.com Group Limited (TCOM) $66.44 -2.34% Microchip Technology Inc. (MCHP) $64.36 -1.58% Baidu Inc. (BIDU) $84.72 -1.47% Kraft Heinz Co. (KHC) $31.03 -1.32% Idexx Laboratories Inc. (IDXX) $426.44 -1.31% Hologic Inc. (HOLX) $76.60 -1.12%