US open: Dow higher following Thursday's heavy losses
By Iain Gilbert
Date: Friday 24 May 2024
(Sharecast News) - Wall Street stocks were in the green early on Friday as America prepared for the Memorial Day long weekend.
As of 1525 BST, the Dow Jones Industrial Average was up 0.15% at 39,122.29, while the S&P 500 advanced 0.46% to 5,292.04 and the Nasdaq Composite came out the gate 0.61% firmer at 16,838.63.
The Dow opened 57.03 points higher on Friday, clawing back some losses recorded in what was the blue-chip's worst session in over a year as robust economic data dented hopes that the Federal Reserve would soon lower interest rates.
In the corporate space, Workday shares traded lower after the software firm cut full-year subscription revenue guidance, while chipmaker Nvidia was up double-digits on the back of its earnings beat and the announcement of a ten-for-one stock split.
On the macro front, durable goods orders in the US rose unexpectedly in April, but on the back of a sharp downward revision to the prior month's figures. According to the Department of Commerce, in seasonally adjusted orders for durable goods increased at a month-on-month pace of 0.7% last month to reach $284.1bn (consensus: -0.8%). However, March's rise was revised down from a preliminary estimate of 2.6% to 0.8%.
Elsewhere, the University of Michigan's consumer sentiment index was revised higher to 69.1 in May, up from a preliminary reading of 67.4, but remained at the lowest level seen in six months. Inflation expectations for the year-ahead increased to 3.3% from 3.5% in the preliminary estimate, while the five-year inflation outlook was steady at 3%, below 3.1% in the preliminary reading.
Markets will be closed on Monday in observance of the Memorial Day public holiday.
Reporting by Iain Gilbert at Sharecast.com
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