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US open: Dow Jones looks to break eight-week losing streak

By Iain Gilbert

Date: Monday 23 May 2022

US open: Dow Jones looks to break eight-week losing streak

(Sharecast News) - Major indices were mixed early on Monday as the Dow Jones was on track to reclaim some of its recent losses, while the Nasdaq looked set to continue on its downward trajectory.
As of 1515 BST, the Dow Jones Industrial Average was up 1.14% at 31,617.04 and the S&P 500 was 0.64% firmer at 3,926.14, while the Nasdaq Composite came out the gate 0.07% weaker at 11,346.11.

The Dow opened just 355.14 points higher on Monday after the blue-chip index officially booked its first eight-week losing streak in almost a century.

Investor sentiment got a boost after Joe Biden stated he was mulling over the idea of lowering tariffs on certain products imported into the States from China.

"I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they're under consideration," Biden said.

On the macro front, the Chicago Fed's national activity index increased to 0.47 points in April, up from a three-month low of 0.36 in March. Production-related indicators accounted for 0.26 of the growth, while the contribution of the sales, orders, and inventories category rebounded to 0.04 and the contribution of the personal consumption and housing category moved up to 0.08.

Still to come, Federal Reserve Bank of Atlanta president Raphael Bostic will deliver a speech at 1700 BST.

In the corporate space, shares in cloud computing outfit VMWare were up almost 20% at the opening bell after news broke that chipmaker Broadcomm was in talks to purchase the firm, while Electronic Arts shares picked up roughly 3% at the open on the back of a report that said it was actively seeking a sale or merger.

Zoom Video Communications will report its latest quarterly earnings figures after the close.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

JP Morgan Chase & Co. (JPM) $121.55 3.59%
American Express Co. (AXP) $157.56 2.82%
Visa Inc. (V) $203.80 2.40%
Caterpillar Inc. (CAT) $202.20 2.21%
Goldman Sachs Group Inc. (GS) $313.18 2.08%
Coca-Cola Co. (KO) $62.18 1.97%
Chevron Corp. (CVX) $170.77 1.76%
Microsoft Corp. (MSFT) $256.73 1.65%
Unitedhealth Group Inc. (UNH) $493.52 1.60%
Apple Inc. (AAPL) $139.79 1.60%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $157.08 -1.61%
Home Depot Inc. (HD) $283.13 -1.41%
Nike Inc. (NKE) $106.49 -1.40%
Dow Chemical Co. (DOW) $67.70 -0.60%
Walt Disney Co. (DIS) $101.96 -0.45%
Intel Corp. (INTC) $41.61 -0.10%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Boeing Co. (BA) $121.01 0.26%
McDonald's Corp. (MCD) $234.70 0.34%

S&P 500 - Risers

Deere & Co. (DE) $329.28 5.10%
Ross Stores Inc. (ROST) $75.27 4.73%
Bank of America Corp. (BAC) $35.18 3.90%
Synchrony Financial (SYF) $33.66 3.70%
Citigroup Inc. (C) $51.56 3.64%
Discover Financial Services (DFS) $107.56 3.60%
JP Morgan Chase & Co. (JPM) $121.55 3.59%
Applied Materials Inc. (AMAT) $110.11 3.43%
Regeneron Pharmaceuticals Inc. (REGN) $682.50 3.23%
Wells Fargo & Co. (WFC) $43.00 3.19%

S&P 500 - Fallers

Autodesk Inc. (ADSK) $176.16 -7.96%
Gap Inc. (GPS) $10.23 -6.36%
Broadcom Inc. (AVGO) $517.60 -4.71%
TripAdvisor Inc. (TRIP) $23.54 -4.50%
Nektar Therapeutics (NKTR) $3.71 -4.38%
Norwegian Cruise Line Holdings Ltd (NCLH) $14.70 -3.92%
Carnival Corp. (CCL) $12.63 -3.81%
Foot Locker Inc. (FL) $30.50 -3.30%
Netflix Inc. (NFLX) $180.51 -3.13%
Royal Caribbean Cr (RCL) $53.70 -3.09%

Nasdaq 100 - Risers

Ross Stores Inc. (ROST) $75.27 4.73%
Vodafone Group Plc ADS (VOD) $16.00 4.37%
Applied Materials Inc. (AMAT) $110.11 3.43%
Regeneron Pharmaceuticals Inc. (REGN) $682.50 3.23%
Asml Holdings N.V. (ASML) $549.56 3.14%
PACCAR Inc. (PCAR) $81.99 2.73%
Electronic Arts Inc. (EA) $134.18 2.62%
JD.com, Inc. (JD) $53.21 1.99%
Vertex Pharmaceuticals Inc. (VRTX) $263.69 1.97%
Incyte Corp. (INCY) $76.14 1.68%

Nasdaq 100 - Fallers

Autodesk Inc. (ADSK) $176.16 -7.96%
Broadcom Inc. (AVGO) $517.60 -4.71%
Netflix Inc. (NFLX) $180.51 -3.13%
Mercadolibre Inc. (MELI) $753.42 -2.87%
Expedia Group Inc. (EXPE) $121.16 -2.75%
Trip.com Group Limited (TCOM) $20.82 -2.69%
Idexx Laboratories Inc. (IDXX) $362.71 -2.56%
Align Technology Inc. (ALGN) $268.55 -2.36%
Wynn Resorts Ltd. (WYNN) $61.67 -2.22%
Tesla Inc (TSLA) $649.41 -2.18%

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