US open: Stocks higher following January's PPI reading

(Sharecast News) - Major indices were slightly higher at the opening bell on Thursday as traders digested wholesale inflation data and further tariff headlines.

As of 1530, the Dow Jones Industrial Average was up 0.19% at 44,451.73, while the S&P 500 advanced 0.44% to 6,078.73 and the Nasdaq Composite came out the gate 0.76% firmer at 19,798.83.

The Dow opened 83.17 points higher on Thursday, reclaiming some of yesterday's losses after the latest set of monthly consumer inflation figures sent stocks lower after coming in hotter than expected.

Thursday's primary focus was news that wholesale inflation had come in a tad hotter-than-expected at the start of 2024, according to the Department of Labor. In seasonally adjusted term, so-called final demand prices increased at a month-on-month pace of 0.4% in January - one tenth of a percentage point more than forecast by economists.

However, the prior month's rate of increase was revised up from an initial estimate of 0.2% to 0.5%. Driving the gain was a 1.1% jump in the cost of food and a 1.7% advance in that of gasoline. Headline final demand prices were ahead by 3.5% year-on-year, the same clip as had been observed in December.

Elsewhere on the macro front, Americans lined up for unemployment benefits at a decelerated pace in the week ended 8 February, according to the Labor Department. Initial jobless claims fell by 8,000 to 213,000 in the first week of February, better than the smaller decline of 6,000 predicted by analysts, while continuing claims dropped by 36,000 to 1.85m, also beating forecasts of 1.88m. The four-week moving average, which aims to strip out week-to-week volatility, decreased by 1,000 to 216,000.

Heightened trade tensions were also in focus early on Thursday, with Donald Trump set to impose reciprocal tariffs on imported goods from countries that have placed levies on US-made products. "Three great weeks, perhaps the best ever, but today is the big one: reciprocal tariffs," he posted on Trump Media & Technology's own social networking platform.

In the corporate space, shares in trade bellwether Deere & Co headed south after it warned of declining sales, while shares in Crocs traded higher on the back of solid FY25 profit guidance.

Palo Alto Networks and Airbnb will publish their latest quarterly earnings statements after the close.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $24.29 13.88%

Apple Inc. (AAPL) $236.38 2.09%

Cisco Systems Inc. (CSCO) $62.85 1.92%

Coca-Cola Co. (KO) $69.47 1.11%

American Express Co. (AXP) $308.49 0.68%

Visa Inc. (V) $353.64 0.61%

Unitedhealth Group Inc. (UNH) $529.74 0.44%

Home Depot Inc. (HD) $408.89 0.43%

Verizon Communications Inc. (VZ) $40.67 0.33%

Dow Chemical Co. (DOW) $38.38 0.33%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $9.48 -0.78%

Merck & Co. Inc. (MRK) $85.09 -0.68%

Walt Disney Co. (DIS) $108.90 -0.30%

Goldman Sachs Group Inc. (GS) $647.25 -0.27%

Nike Inc. (NKE) $72.08 -0.25%

Boeing Co. (BA) $185.79 -0.24%

Microsoft Corp. (MSFT) $407.14 -0.19%

JP Morgan Chase & Co. (JPM) $274.95 -0.18%

International Business Machines Corporation (CDI) (IBM) $255.51 -0.12%

Salesforce.Com Inc. (CRM) $325.75 -0.11%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $0.81 23.84%

MGM Resorts International (MGM) $39.47 14.84%

Intel Corp. (INTC) $24.29 13.88%

Ventas Inc. (VTR) $63.40 5.77%

Molson Coors Beverage Co. Class B (TAP) $55.94 4.66%

Rollins Inc. (ROL) $52.31 4.41%

Micron Technology Inc. (MU) $94.10 4.30%

Wynn Resorts Ltd. (WYNN) $80.82 3.99%

Netflix Inc. (NFLX) $1,038.87 3.60%

Advanced Micro Devices Inc. (AMD) $113.77 3.53%

S&P 500 - Fallers

Hanesbrands Inc. (HBI) $6.30 -17.93%

Zoetis Inc (ZTS) $155.48 -10.58%

Global Payments Inc. (GPN) $105.28 -3.27%

Deere & Co. (DE) $462.58 -2.93%

United Airlines Holdings Inc (UAL) $102.20 -2.34%

Zions Bancorporation (ZION) $54.89 -2.07%

Western Digital Corp. (WDC) $67.07 -1.94%

Apache Corp. (APA) $22.42 -1.82%

TripAdvisor Inc. (TRIP) $17.39 -1.75%

Equinix, Inc. (EQIX) $914.85 -1.73%

Nasdaq 100 - Risers

Intel Corp. (INTC) $24.29 13.88%

Baidu Inc. (BIDU) $97.10 6.22%

Tesla Inc (TSLA) $353.04 5.02%

Micron Technology Inc. (MU) $94.10 4.30%

Wynn Resorts Ltd. (WYNN) $80.82 3.99%

Asml Holdings N.V. (ASML) $765.18 3.77%

Netflix Inc. (NFLX) $1,038.87 3.60%

Trip.com Group Limited (TCOM) $68.49 3.41%

Seagate Technology Plc (STX) $100.30 2.98%

Intuit Inc. (INTU) $586.27 2.93%

Nasdaq 100 - Fallers

NetEase Inc. Ads (NTES) $103.69 -2.71%

Vodafone Group Plc ADS (VOD) $8.43 -2.26%

Western Digital Corp. (WDC) $67.07 -1.94%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $368.31 -1.72%

Electronic Arts Inc. (EA) $130.81 -1.46%

American Airlines Group (AAL) $16.19 -1.34%

Align Technology Inc. (ALGN) $205.19 -1.28%

Idexx Laboratories Inc. (IDXX) $453.79 -1.08%

Walgreens Boots Alliance, Inc. (WBA) $9.48 -0.78%

JD.com, Inc. (JD) $39.03 -0.60%