US open: Major indices climb as investors await Friday's CPI reading

(Sharecast News) - Major indices were in the green early on Thursday after the blue chip Dow Jones snapped a three-day winning streak in the previous session. As of 1445 GMT, the Dow Jones Industrial Average was up 0.39% at 50,316.21, while the S&P 500 advanced 0.34% to 6,964.91 and the Nasdaq Composite came out of the gate 0.32% firmer at 23,141.24.

The Dow opened 194.81 points higher on Thursday, more than reversing losses recorded in the previous session after an initial positive reaction to January's jobs report quickly faded as investors assessed the impact of the Bureau of Labor Statistics' stronger-than-expected payrolls on interest-rate policy.

While yesterday's non-farm payrolls figures was seen as a relief for market participants who were concerned that the report would show a drop-off in America's labour market, following recent data that has pointed towards slowing growth, the strong payrolls numbers were also seen as likely muddying the Federal Reserve's interest rate outlook, potentially meaning fewer rate cuts than investors were originally expecting if higher inflation also continues to remain an issue.

Market participants will now look ahead to the week's next major piece of economic data, Friday's consumer price index, which may indicate the kind of progress the central bank needs to rebalance its dual mandate. CPI was expected to have ticked up 0.3% month-on-month in January, unchanged from December, while core CPI was also seen 0.3% higher last month, up from 0.2% in the previous month.

On Thursday's macro slate, Americans lined up for unemployment benefits at a decelerated pace in the week ended 7 February, according to the Department of Labor. Initial jobless claims dropped by 5,000 to 227,000, slightly ahead of forecasts for a reading of 222,000 and following the previous week's upwardly revised reading of 231,000, which was driven by severe winter weather. Continuing claims, on the other hand, rose to 1.86m, exceeding expectations of 1.85m, while the four-week moving average, which aims to smooth out week-to-week volatility, increased by 7,000 to 219,500.

Still to come, January existing home sales figures will be published at 1500 GMT.

In the corporate space, Cisco Systems headed south in early trading on the back of some disappointing guidance for the current quarter, while fast-food giant McDonald's was also in the red despite posting a quarterly earnings beat.

Still to come, Airbnb and Expedia will report earnings after the close.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Amgen Inc. (AMGN) $368.82 1.92% Intel Corp. (INTC) $47.56 0.91%

Dow Jones - Fallers

Cisco Systems Inc. (CSCO) $76.52 -11.81% Microsoft Corp. (MSFT) $401.02 -2.96% Apple Inc. (AAPL) $270.96 -1.96%

S&P 500 - Risers

Ipg Photonics Corp. (IPGP) $132.10 19.35% Equinix, Inc. (EQIX) $964.53 12.58% Akamai Technologies Inc. (AKAM) $105.82 11.46% Nektar Therapeutics (NKTR) $68.50 9.80% Seagate Technology Plc (STX) $446.86 8.43% Regeneron Pharmaceuticals Inc. (REGN) $795.97 6.13% Western Digital Corp. (WDC) $293.00 5.20% Micron Technology Inc. (MU) $420.23 4.92% Sba Communications Corp. (SBAC) $197.21 4.30% Biogen Inc (BIIB) $195.53 3.46%

S&P 500 - Fallers

TripAdvisor Inc. (TRIP) $10.24 -20.15% CH Robinson Worldwide Inc (CHRW) $161.93 -18.81% Cisco Systems Inc. (CSCO) $76.52 -11.81% Cognizant Technology Solutions Corp. (CTSH) $68.03 -7.68% Take-Two Interactive Software Inc. (TTWO) $194.82 -7.54% J.B. Hunt Transport Services Inc. (JBHT) $216.18 -7.33% Copart Inc. (CPRT) $37.40 -6.92% Netflix Inc. (NFLX) $75.72 -6.74% Intuit Inc. (INTU) $398.82 -5.36% Autodesk Inc. (ADSK) $231.59 -4.92%

Nasdaq 100 - Risers

T-Mobile Us, Inc. (TMUS) $217.96 13.90% Seagate Technology Plc (STX) $446.86 8.43% Regeneron Pharmaceuticals Inc. (REGN) $795.97 6.13% Western Digital Corp. (WDC) $293.00 5.20% Micron Technology Inc. (MU) $420.23 4.92% Biogen Inc (BIIB) $195.53 3.46% Sirius XM Holdings Inc (SIRI) $21.94 3.45% Mondelez International Inc. (MDLZ) $62.29 3.44% Dollar Tree Inc (DLTR) $126.32 3.23% Mercadolibre Inc. (MELI) $2,063.88 3.08%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $3.28 -12.30% Cisco Systems Inc. (CSCO) $76.52 -11.81% Cognizant Technology Solutions Corp. (CTSH) $68.03 -7.68% Take-Two Interactive Software Inc. (TTWO) $194.82 -7.54% J.B. Hunt Transport Services Inc. (JBHT) $216.18 -7.33% Netflix Inc. (NFLX) $75.72 -6.74% Check Point Software Technologies Ltd. (CHKP) $170.18 -5.41% Intuit Inc. (INTU) $398.82 -5.36% Baidu Inc. (BIDU) $140.06 -5.15% Autodesk Inc. (ADSK) $231.59 -4.92%