US open: Stocks trade higher following February CPI reading
By Iain Gilbert
Date: Tuesday 14 Mar 2023
(Sharecast News) - Wall Street stocks were firmly in the green at the opening bell on Tuesday as market participants digested key inflation data.
As of 1515 GMT, the Dow Jones Industrial Average was up 1.40% at 32,263.69, while the S&P 500 advanced 1.93% to 3,930.36 and the Nasdaq Composite came out the gate 2.21% firmer at 11,435.82.
The Dow opened 444.55 points higher on Tuesday, easily reversing losses recorded in the previous session.
Tuesday's primary focus will be February's consumer price index report, which revealed the cost of living in the US continued to ease last month. According to the US Department of Labor, in seasonally adjusted terms the country's Consumer Price Index advanced at a month-on-month pace of 0.4%. However, negative base effects meant that the annual rate of increase in CPI slipped from 6.4% for January to 6.0% in February.
Zaye Capital's Naeem Aslam said: "The US CPI data has printed a mixed number today, but traders are paying less attention to the core CPI number which surged. Most traders are satisfied with the headline month-on-month data which matches the expectations."
Elsewhere on the macro front, the National Federation of Independent Business' small business optimism index increased to 90.9 in February, up from 90.3 in January and the highest reading in three months.
Still to come, Federal Reserve banker Michelle Bowman will deliver a speech at 2120 GMT.
In the corporate space, United Airlines shares slumped after the carrier slashed its first quarter guidance and said it expects to report a loss of $0.60-$1.0 per share of the period, while First Republic shares surged 20% as regional banks do their best to bounce back from the previous session's SVB-fuelled sell-off.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $183.47 4.54%
American Express Co. (AXP) $163.49 3.72%
Boeing Co. (BA) $210.81 3.66%
Intel Corp. (INTC) $27.92 3.60%
Goldman Sachs Group Inc. (GS) $325.82 3.27%
Visa Inc. (V) $219.40 2.30%
Dow Chemical Co. (DOW) $53.45 2.00%
Nike Inc. (NKE) $119.09 1.91%
Chevron Corp. (CVX) $161.63 1.84%
Apple Inc. (AAPL) $153.01 1.69%
Dow Jones - Fallers
Amgen Inc. (AMGN) $232.33 -0.36%
3M Co. (MMM) $103.46 -0.04%
Johnson & Johnson (JNJ) $153.02 -0.03%
Dowdupont Inc. (DWDP) $0.00 0.00%
Home Depot Inc. (HD) $286.81 0.10%
Walgreens Boots Alliance, Inc. (WBA) $33.63 0.18%
Walmart Inc. (WMT) $138.00 0.46%
International Business Machines Corporation (CDI) (IBM) $126.16 0.46%
Travelers Company Inc. (TRV) $173.05 0.48%
Verizon Communications Inc. (VZ) $36.74 0.56%
S&P 500 - Risers
Zions Bancorporation (ZION) $35.06 16.98%
Keycorp (KEY) $13.10 15.16%
Charles Schwab Corp. (SCHW) $57.01 9.82%
Comerica Inc. (CMA) $46.29 8.83%
Unum Group (UNM) $39.84 8.73%
Bread Financial Holdings, Inc. (BFH) $34.72 8.67%
Fidelity National Information Services Inc. (FIS) $53.83 8.05%
Truist Financial Corp. (TFC) $34.70 7.63%
Advanced Micro Devices Inc. (AMD) $88.18 7.52%
Huntington Bancshares Inc. (HBAN) $11.92 7.19%
S&P 500 - Fallers
United Airlines Holdings Inc (UAL) $46.36 -5.06%
Gap Inc. (GPS) $10.14 -2.22%
Nektar Therapeutics (NKTR) $1.17 -2.08%
Kohls Corp. (KSS) $22.42 -1.75%
CenturyLink Inc. (LUMN) $2.57 -1.35%
Newmont Corporation (NEM) $44.61 -1.13%
Alaska Air Group Inc. (ALK) $43.61 -1.07%
Dollar General Corp (DG) $215.52 -0.59%
Mosaic Company (MOS) $47.37 -0.44%
Altria Group Inc. (MO) $46.49 -0.40%
Nasdaq 100 - Risers
Fiserv Inc. (FISV) $110.99 6.47%
Meta Platforms Inc. (META) $189.77 4.91%
Nvidia Corp. (NVDA) $240.55 4.74%
Applied Materials Inc. (AMAT) $120.35 3.89%
Lam Research Corp. (LRCX) $494.92 3.76%
Intuit Inc. (INTU) $406.27 3.76%
Intel Corp. (INTC) $27.92 3.60%
KLA-Tencor Corp. (KLAC) $377.45 3.46%
Tesla Inc (TSLA) $180.47 3.43%
Seagate Technology Plc (STX) $62.29 3.23%
Nasdaq 100 - Fallers
Amgen Inc. (AMGN) $232.33 -0.36%
Gen Digital Inc. (GEN) $16.36 -0.33%
Gilead Sciences Inc. (GILD) $79.35 -0.20%
Hasbro Inc (HAS) $47.55 -0.17%
Kraft Heinz Co. (KHC) $38.10 -0.04%
Xilinx Inc. (XLNX) $0.00 0.00%
Cerner Corp. (CERN) $0.00 0.00%
Mylan Inc. (MYL) $0.00 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $0.00 0.00%
Maxim Integrated Products Inc. (MXIM) $0.00 0.00%
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