US open: Stocks slightly higher ahead of Independence Day break
By Iain Gilbert
Date: Wednesday 03 Jul 2024
(Sharecast News) - Wall Street stocks were little changed early on Wednesday as traders prepared for the 4th of July break.
As of 1435 BST, the Dow Jones Industrial Average was up 0.18% at 39,402.87, while the S&P 500 advanced 0.06% to 5,512.52 and the Nasdaq Composite came out the gate 0.02% firmer at 18,031.85.
The Dow opened 71.02 points higher on Wednesday, extending yesterday's gains following comments from Federal Reserve president Jerome Powell before the European Central Bank forum.
On the macro front, jobless claims rose by 4,000 last week to a reading of 238,000 from the previous week's upwardly revised level of 234,000 to remain near the ten-month high of 243,000 earlier in June. According to the Labor Department, continuing claims surged by 26,000 to 1.85m, while the four-week moving average, which aims to strip out week-to-week volatility, rose by 2,250 to 238,500.
Elsewhere, mortgage applications fell 2.6% in the week ended 28 June, according to the Mortgage Bankers Association of America.
On another note, US job cuts fell 23.6% in June, below May's 63,816 print but above last June's reading of 40,709, according to Challenger Gray & Christmas.
Moving on, America's trade deficit in goods widened to $100.62bn in May, according to the Census Bureau, the largest reading in two years and following a downwardly revised print of $97.95bn in the previous month.
Still to come, S&P Global's June composite PMI was due at 1445 BST, while May factory orders data and last month's ISM services PMI will be published at 1500 BST.
In the corporate space, Paramount shares traded higher on the back of reports that Skydance Media has struck a preliminary agreement to snap up controlling shareholder National Amusements.
Markets will close early on Wednesday and remain closed throughout Thursday in observance of the Independence Day holiday.
Reporting by Iain Gilbert at Sharecast.com
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