US open: Stocks mixed following Dow's record close

(Sharecast News) - Wall Street stocks were mixed early on Tuesday after the Dow Jones registered a fresh record close in the previous session. As of 1600 BST, the Dow Jones Industrial Average was down 0.05% at 41,220.23, while the S&P 500 advanced 0.14% to 5,624.49 and the Nasdaq Composite came out the gate 0.15% firmer at 17,752.99.

The Dow opened 20.29 points lower on Tuesday, taking a small bite out of gains recorded in the previous session as comments from Federal Reserve chairman Jerome Powell at the central bank's economic symposium in Jackson Hole gave the blue-chip index a lift.

Market participants now unanimously believe the Federal Reserve will make a rate cut at its next meeting in mid-September, with traders expecting to see at least 25 basis points trimmed from its benchmark lending rate. However, Powell fell short of explicitly stating when a rate cut would occur or how large it may be.

On the macro front, US home price growth outpaced inflation in June, according to the S&P/Case Shiller US home price index, rising 0.4% month-on-month. However, the report also revealed that home prices in the 20 major US metropolitan markets were up 6.5% year-on-year, cooling from May's 6.9% increase but ahead of expectations for a reading of 6.3%. The national index, a broader measure of home prices, rose 0.2% month-on-month and 5.4% year-on-year to an all-time high.

Elsewhere, consumer confidence in the US rose more than expected this month but still remained within a narrow range that has prevailed over the past two years. According to a closely watched survey from the Conference Board on Tuesday, the consumer confidence index rose to 103.3 from an upwardly revised 101.9 in July - ahead of the 100.7 consensus forecast.

Finally, the Richmond Federal Reserve Bank's manufacturing index fell to -19 in August, down from -17 in July, reflecting the sharpest decline in factory activity since May 2020.

In the corporate space, retailer Nordstrom will post earnings after the close of trading.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

American Express Co. (AXP) $255.42 0.61% Coca-Cola Co. (KO) $71.26 0.59% Goldman Sachs Group Inc. (GS) $510.45 0.51% Nike Inc. (NKE) $84.61 0.39% Apple Inc. (AAPL) $228.03 0.37% Walmart Inc. (WMT) $76.29 0.34% International Business Machines Corporation (CDI) (IBM) $198.57 0.30% Travelers Company Inc. (TRV) $223.35 0.25% Unitedhealth Group Inc. (UNH) $588.61 0.25% JP Morgan Chase & Co. (JPM) $219.72 0.25%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $10.06 -3.13% Johnson & Johnson (JNJ) $162.65 -1.19% Salesforce.Com Inc. (CRM) $263.01 -0.86% Merck & Co. Inc. (MRK) $115.44 -0.71% Boeing Co. (BA) $172.27 -0.70% Chevron Corp. (CVX) $147.65 -0.57% Walt Disney Co. (DIS) $91.30 -0.52% Verizon Communications Inc. (VZ) $41.31 -0.45% Cisco Systems Inc. (CSCO) $50.60 -0.37% Procter & Gamble Co. (PG) $169.74 -0.36%

S&P 500 - Risers

Resmed Inc. (RMD) $239.65 6.10% Hanesbrands Inc. (HBI) $6.61 5.17% TripAdvisor Inc. (TRIP) $14.80 2.67% Carnival Corp. (CCL) $17.03 2.62% Royal Caribbean Cr (RCL) $166.13 2.52% Expedia Group Inc. (EXPE) $140.03 2.12% Align Technology Inc. (ALGN) $236.51 2.10% Norwegian Cruise Line Holdings Ltd (NCLH) $17.82 2.09% Netflix Inc. (NFLX) $702.64 2.06% Charter Communications Inc. (CHTR) $362.70 2.06%

S&P 500 - Fallers

CenturyLink Inc. (LUMN) $5.43 -11.30% Nektar Therapeutics (NKTR) $1.29 -4.78% Martin Marietta Mtrl (MLM) $524.30 -3.52% Walgreens Boots Alliance, Inc. (WBA) $10.06 -3.13% Vulcan Materials Co. (VMC) $243.35 -2.93% Seagate Technology Plc (STX) $101.83 -2.80% Nordstrom Inc. (JWN) $21.12 -2.54% Estee Lauder Co. Inc. (EL) $92.16 -2.48% Coty Inc. Class A (COTY) $9.45 -2.12% American Airlines Group (AAL) $10.01 -2.00%

Nasdaq 100 - Risers

Trip.com Group Limited (TCOM) $45.63 7.77% Sirius XM Holdings Inc (SIRI) $3.19 2.73% JD.com, Inc. (JD) $26.45 2.53% Expedia Group Inc. (EXPE) $140.03 2.12% Align Technology Inc. (ALGN) $236.51 2.10% Netflix Inc. (NFLX) $702.64 2.06% Charter Communications Inc. (CHTR) $362.70 2.06% Booking Holdings Inc. (BKNG) $3,874.33 2.01% Costco Wholesale Corp. (COST) $909.68 1.92% Mercadolibre Inc. (MELI) $2,041.00 1.81%

Nasdaq 100 - Fallers

Walgreens Boots Alliance, Inc. (WBA) $10.06 -3.13% Seagate Technology Plc (STX) $101.83 -2.80% American Airlines Group (AAL) $10.01 -2.00% J.B. Hunt Transport Services Inc. (JBHT) $172.48 -1.97% Qurate Retail Inc. (QRTEA) $0.63 -1.76% Tesla Inc (TSLA) $209.59 -1.70% Amazon.Com Inc. (AMZN) $173.21 -1.30% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $370.12 -1.30% DENTSPLY Sirona Inc. (XRAY) $24.99 -1.15% Baidu Inc. (BIDU) $85.27 -1.10%