US open: Stocks higher as Dow Jones tries to build on record close

(Sharecast News) - Wall Street stocks were higher early on Monday as the Dow Jones Industrial Average tries to build on its record close. As of 1510 BST, the Dow Jones Industrial Average was up 0.03% at 42,075.63, while the S&P 500 advanced 0.25% to 5,716.80 and the Nasdaq Composite came out the gate 0.28% firmer at 17,998.40.

The Dow opened 12.27 points higher on Monday as the blue-chip looked set to narrowly extend its FOMC interest rate decision-fuelled rally into another session.

Monday morning's early moves follow the Fed's decision to cut benchmark overnight interest rates by 50 basis points, using its first cut in four years to take investors, who had broadly expected a more restrained 25 basis point cut, largely by surprise.

On the macro front, a preliminary reading of S&P Global's US manufacturing purchasing managers index fell to 47 in September, down from 47.9 in August and going against expectations of an increase to 48.5. The services PMI eased to 55.4 in September, down from 55.7 in August but marginally above market forecasts for a reading of 55.3, while the composite PMI edged lower to 54.4, down from 54.6 but ahead of expectations for a print of 54.3,

Elsewhere, Federal Reserve Bank of Atlanta head Raphael Bostic said starting the central bank's cutting cycle with a large move would help bring interest rates closer to neutral levels as the risks between inflation and employment become more balanced, while Minneapolis Fed boss Neel Kashkari expects policymakers to ease the pace of interest rate cuts going forward.

In the corporate space, chipmaker Qualcomm has reportedly approached Intel about a potential takeover, with the latter's CEO, Cristiano Amon, said to be involved in the talks.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $22.35 2.34% Chevron Corp. (CVX) $147.88 1.51% McDonald's Corp. (MCD) $299.65 0.95% Walmart Inc. (WMT) $79.75 0.87% American Express Co. (AXP) $270.79 0.67% 3M Co. (MMM) $135.62 0.63% Dow Chemical Co. (DOW) $51.93 0.43% Visa Inc. (V) $285.82 0.37% Cisco Systems Inc. (CSCO) $52.16 0.37% Boeing Co. (BA) $153.76 0.31%

Dow Jones - Fallers

Walt Disney Co. (DIS) $92.34 -1.50% Nike Inc. (NKE) $85.50 -1.18% Johnson & Johnson (JNJ) $162.82 -0.82% Procter & Gamble Co. (PG) $172.96 -0.72% Walgreens Boots Alliance, Inc. (WBA) $8.65 -0.69% Merck & Co. Inc. (MRK) $116.65 -0.44% Home Depot Inc. (HD) $388.14 -0.44% Verizon Communications Inc. (VZ) $44.13 -0.44% Microsoft Corp. (MSFT) $433.52 -0.40% Apple Inc. (AAPL) $227.29 -0.40%

S&P 500 - Risers

Micron Technology Inc. (MU) $93.60 2.97% NRG Energy Inc. (NRG) $89.36 2.61% Intel Corp. (INTC) $22.35 2.34% Paypal Holdings Inc (PYPL) $78.50 2.27% Apache Corp. (APA) $25.63 2.23% Diamondback Energy Inc. (FANG) $184.95 2.18% Albemarle Corp. (ALB) $87.71 1.95% Tapestry Inc. (TPR) $43.38 1.91% Halliburton Co. (HAL) $30.01 1.83% Occidental Petroleum Corp. (OXY) $52.53 1.72%

S&P 500 - Fallers

Under Armour, Inc. (UA) $7.14 -6.05% Under Armour Inc. Class A (UAA) $7.57 -5.26% Hanesbrands Inc. (HBI) $6.72 -3.67% Foot Locker Inc. (FL) $27.36 -3.47% CSX Corp. (CSX) $33.89 -2.98% Nordstrom Inc. (JWN) $22.47 -2.39% VF Corp. (VFC) $18.22 -2.31% Gap Inc. (GAP) $19.89 -2.12% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $393.57 -2.10% Kohls Corp. (KSS) $18.29 -2.09%

Nasdaq 100 - Risers

Tesla Inc (TSLA) $247.74 3.98% Micron Technology Inc. (MU) $93.60 2.97% JD.com, Inc. (JD) $29.39 2.95% Sirius XM Holdings Inc (SIRI) $25.58 2.53% Intel Corp. (INTC) $22.35 2.34% Baidu Inc. (BIDU) $88.21 2.28% Paypal Holdings Inc (PYPL) $78.50 2.27% NetEase Inc. Ads (NTES) $80.36 1.85% Meta Platforms Inc. (META) $570.00 1.54% Trip.com Group Limited (TCOM) $49.31 1.34%

Nasdaq 100 - Fallers

CSX Corp. (CSX) $33.89 -2.98% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $393.57 -2.10% Biogen Inc (BIIB) $196.13 -1.62% Illumina Inc. (ILMN) $129.17 -1.55% American Airlines Group (AAL) $10.85 -1.44% Incyte Corp. (INCY) $64.88 -1.31% Starbucks Corp. (SBUX) $94.81 -1.30% Ross Stores Inc. (ROST) $152.38 -1.25% Kraft Heinz Co. (KHC) $34.61 -1.00% Marriott International - Class A (MAR) $242.37 -0.83%