US open: Stocks edge up with tech shares in focus
By Alexander Bueso
Date: Wednesday 07 Jun 2023
(Sharecast News) - Wall Street's main market indices were a tad higher early in the session, helped by gains in technology issues and with the S&P 500 fighting to push break out into a fresh bull market.
That was despite the release of weaker-than-expected Chinese foreign trade overnight and a surprise interest rate hike by Bank of Canada.
In the background, investors were also expectant ahead of an expected deluge of US government debt sales over the next few months.
"There is still a bounce to the tape despite Investors being distracted by next week's events and circling CPI and the Fed meeting as this month's significant risks," said Stephen Innes at SPI Asset Management.
"And matters are getting complicated with the headlines reminding us the US Treasury will soon start replenishing TGA coffers.
At 1524 BST, the Dow Jones Industrial Average was edging up by 0.09% to 33,604.63, alongside an identical gain for the S&P 500 to 4,287.65."
The tech-heavy Nasdaq Composite meanwhile was up by 0.14% to 13,294.40 amid buying interest for shares of Netflix and Marvell Technology.
Positive broker comments were boosting the former, while the latter was being aided by a report of a contract with Amazon to supply AI chips.
China's trade surplus was $65.8bn in May compared to $90.2bn in the previous month, amid a larger-than-expected drop in exports, but imports fell by less than anticipated.
America's international trade deficit rose from -$60.6bn for March to -$74.6 in April (consensus: -$75.4bn).
Some economists said the decline was the result of Chinese manufacturers having caught up with order backlogs.
But Innes said the figures showed signs of a shift in supply chains away from China and towards others ASEAN nations.
Innes also said the procyclical bounce to the broader tape also suggested - at least for now - building confidence in US economic growth.
Dow Jones - Risers
Caterpillar Inc. (CAT) $231.51 2.13%
Chevron Corp. (CVX) $158.82 1.94%
Dow Chemical Co. (DOW) $53.46 1.65%
Home Depot Inc. (HD) $299.53 1.19%
Intel Corp. (INTC) $31.31 1.11%
3M Co. (MMM) $99.31 1.03%
Boeing Co. (BA) $209.42 1.03%
Nike Inc. (NKE) $107.17 0.92%
Goldman Sachs Group Inc. (GS) $329.79 0.91%
Walt Disney Co. (DIS) $92.68 0.57%
Dow Jones - Fallers
Visa Inc. (V) $222.79 -2.38%
Microsoft Corp. (MSFT) $328.03 -1.69%
Merck & Co. Inc. (MRK) $108.38 -1.48%
Walgreens Boots Alliance, Inc. (WBA) $31.38 -0.48%
Amgen Inc. (AMGN) $220.22 -0.45%
McDonald's Corp. (MCD) $283.45 -0.38%
American Express Co. (AXP) $171.26 -0.33%
Coca-Cola Co. (KO) $60.16 -0.25%
Walmart Inc. (WMT) $149.42 -0.24%
Johnson & Johnson (JNJ) $157.82 -0.23%
S&P 500 - Risers
Marathon Oil Corp. (MRO) $24.24 4.57%
Stanley Black & Decker Inc. (SWK) $85.60 4.47%
Microchip Technology Inc. (MCHP) $80.81 4.27%
FMC Technologies Inc. (FTI) $14.83 4.00%
Helmerich & Payne Inc. (HP) $34.14 3.93%
CF Industries Holdings Inc. (CF) $69.29 3.86%
CenturyLink Inc. (LUMN) $1.87 3.61%
Apache Corp. (APA) $34.50 3.48%
Dish Network Corp. (DISH) $7.80 3.38%
Mosaic Company (MOS) $35.77 3.38%
S&P 500 - Fallers
Campbell Soup Co. (CPB) $47.93 -5.26%
Intuit Inc. (INTU) $435.90 -2.81%
Zoetis Inc (ZTS) $165.60 -2.67%
General Mills Inc. (GIS) $81.63 -2.57%
Visa Inc. (V) $222.79 -2.38%
Fortinet Inc. (FTNT) $67.91 -2.34%
Mastercard Incorporated (MA) $371.50 -2.23%
Kraft Heinz Co. (KHC) $36.96 -2.21%
Digital Realty Trust (DLR) $103.25 -1.98%
Resmed Inc. (RMD) $217.88 -1.85%
Nasdaq 100 - Risers
Microchip Technology Inc. (MCHP) $80.81 4.27%
Liberty Global plc Series C (LBTYK) $17.96 3.94%
Tesla Inc (TSLA) $229.80 3.84%
Qurate Retail Inc. (QRTEA) $1.11 3.74%
Liberty Global plc Series A (LBTYA) $17.03 3.71%
Dish Network Corp. (DISH) $7.80 3.38%
Analog Devices Inc. (ADI) $182.98 2.82%
Skyworks Solutions Inc. (SWKS) $106.35 2.68%
Sirius XM Holdings Inc (SIRI) $3.83 2.55%
NetEase Inc. Ads (NTES) $93.69 2.53%
Nasdaq 100 - Fallers
Intuit Inc. (INTU) $435.90 -2.81%
Kraft Heinz Co. (KHC) $36.96 -2.21%
Workday, Inc. (WDAY) $210.47 -2.11%
Idexx Laboratories Inc. (IDXX) $451.13 -1.83%
Microsoft Corp. (MSFT) $328.03 -1.69%
Intuitive Surgical Inc. (ISRG) $310.58 -1.63%
Biogen Inc (BIIB) $294.93 -1.62%
Autodesk Inc. (ADSK) $205.16 -1.37%
Gilead Sciences Inc. (GILD) $75.23 -1.27%
Adobe Systems Inc. (ADBE) $427.58 -1.23%
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