US open: Stocks open higher amid positive vaccine headlines
By Iain Gilbert
Date: Tuesday 24 Aug 2021
(Sharecast News) - Wall Street stocks opened slightly higher on Tuesday as vaccine headlines saw markets start the week on a high note.
As of 1535 BST, the Dow Jones Industrial Average was up 0.13% at 35,382.31, while the S&P 500 came out the gate 0.25% stronger at 4,490.93 and the Nasdaq Composite started off the session 0.48% firmer at 15,014.00.
The Dow Jones opened 46.60 points higher on Tuesday, modestly extending yesterday's rally as news that US regulators had granted full approval for Pfizer and BioNTech's Covid-19 vaccine continued to boost sentiment.
Market participants were also still patiently awaiting the Jackson Hole symposium later in the week, expected to be a market-moving event, with central bankers predicted to outline future plans for tapering monetary stimulus after the Federal Reserve started discussions aimed at pulling back its $120.0bn a month bond-buying program by the end of 2021.
On the macro front, new home sales in the US edged past analysts' forecasts in July, according to the Department of Commerce, which revealed new home sales rose 1.0% month-on-month to hit an annual rate of 708,000 - ahead of expectations for a print of 700,000.
In the corporate space, retailer Best Buy reported better-than-expected second-quarter results ahead of the bell, with the group raising its full-year same-store sales outlook after posting comparable sales growth of 20% year-on-year, while casino operators Las Vegas Sands and Wynn Resorts were trading higher after Macau eased travel restrictions.
Still to come, Toll Brothers, Urban Outfitters and Nordstrom will all report earnings after the close.
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