US open: Stocks higher as traders shrug off tariff headlines

(Sharecast News) - Major indices were in the green early on Wednesday as traders seemed to have shrugged off Donald Trump's announcement that he would be instituting sharp tariffs on more than a dozen countries. As of 1445 BST, the Dow Jones Industrial Average was up 0.42% at 44,427.85, while the S&P 500 advanced 0.44% to 6,253.12 and the Nasdaq Composite came out of the gate 0.61% firmer at 20,543.37.

The Dow opened 187.09 points higher on Wednesday, reversing losses recorded in the previous session after Donald Trump made a number of new updates to his tariff policy.

Trump said that there would be no change or extensions on duties that he has slapped on 14 countries, including Japan and South Korea, with the new tariff rates, ranging from 25% to 40%, set to come into effect on 1 August.

He also announced a 50% levy on copper imports and seemed to indicate that further sector-specific tariffs would soon be announced. He also threatened to a 200% tariffs on pharmaceuticals imported into the US, but said that he would "give people about a year, year and a half" until those tariffs were instituted.

On the macro front, US mortgage applications surged 9.4% in the week ended 4 July, according to the Mortgage Bankers Association of America, extending the prior week's 2.7% increase. Applications to refinance a mortgage and applications to purchase a home both rose 9% week-on-week. The increase marked a third consecutive weekly growth in applications, the longest streak since December, and came as benchmark mortgage rates dropped to their lowest level since April.

Still to come, May wholesale inventories figures will be published at 1500 BST, while minutes from the Federal Reserve's most recent two-day policy meeting were scheduled for release at 1900 BST.

In the corporate space, Starbucks traded higher after news broke that the coffee giant's Starbucks China arm had drawn bids for a potential stake sale that would value the subsidiary at up to $10.0bn, while shares in Verona Pharma surged after Merck had acquired the business in a roughly $10.0bn as it looks to expand its respiratory treatment portfolio.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $23.59 7.23% Dow Chemical Co. (DOW) $29.06 5.75% Chevron Corp. (CVX) $153.24 3.96% Salesforce.Com Inc. (CRM) $273.79 1.43% Amgen Inc. (AMGN) $297.00 1.38% Unitedhealth Group Inc. (UNH) $307.70 1.31% 3M Co. (MMM) $153.71 1.25% Caterpillar Inc. (CAT) $394.29 0.71% Verizon Communications Inc. (VZ) $43.06 0.61% Merck & Co. Inc. (MRK) $81.35 0.58%

Dow Jones - Fallers

Nike Inc. (NKE) $73.92 -3.41% JP Morgan Chase & Co. (JPM) $282.78 -3.15% Walmart Inc. (WMT) $97.09 -2.27% Goldman Sachs Group Inc. (GS) $697.28 -1.92% American Express Co. (AXP) $316.98 -1.78% Procter & Gamble Co. (PG) $157.89 -1.63% Walt Disney Co. (DIS) $121.93 -1.09% Coca-Cola Co. (KO) $70.24 -1.08% Travelers Company Inc. (TRV) $256.36 -1.00% International Business Machines Corporation (CDI) (IBM) $290.60 -0.70%

S&P 500 - Risers

Helmerich & Payne Inc. (HP) $17.27 7.60% Intel Corp. (INTC) $23.59 7.23% Albemarle Corp. (ALB) $70.21 7.21% Devon Energy Corp. (DVN) $34.90 6.85% National Oilwell Varco Inc. (NOV) $13.53 6.13% Halliburton Co. (HAL) $22.16 6.08% Apache Corp. (APA) $20.50 5.62% Occidental Petroleum Corp. (OXY) $45.75 5.54% LyondellBasell Industries (LYB) $63.72 4.89% Hess Corp. (HES) $150.23 4.82%

S&P 500 - Fallers

NRG Energy Inc. (NRG) $151.39 -4.68% Newmont Corporation (NEM) $57.61 -4.24% AES Corp. (AES) $11.06 -3.91% Nike Inc. (NKE) $73.92 -3.41% Hershey Foods Corp. (HSY) $169.93 -3.20% Nektar Therapeutics (NKTR) $22.73 -3.15% JP Morgan Chase & Co. (JPM) $282.78 -3.15% Dollar General Corp (DG) $112.64 -3.10% Bank of America Corp. (BAC) $47.15 -3.10% NextEra Energy Inc. (NEE) $72.46 -3.06%

Nasdaq 100 - Risers

Intel Corp. (INTC) $23.59 7.23% Microchip Technology Inc. (MCHP) $74.56 4.31% Micron Technology Inc. (MU) $124.42 3.75% DENTSPLY Sirona Inc. (XRAY) $16.53 3.70% Sirius XM Holdings Inc (SIRI) $24.44 3.47% Biogen Inc (BIIB) $134.46 3.33% Qvc Group Inc Series A (QVCGA) $2.91 2.83% Synopsys Inc. (SNPS) $551.51 2.79% J.B. Hunt Transport Services Inc. (JBHT) $153.05 2.33% Skyworks Solutions Inc. (SWKS) $77.94 2.30%

Nasdaq 100 - Fallers

Seagate Technology Plc (STX) $144.47 -2.64% Monster Beverage Corp (MNST) $61.59 -2.00% Amazon.Com Inc. (AMZN) $219.36 -1.84% Western Digital Corp. (WDC) $64.02 -1.83% Verisk Analytics Inc. (VRSK) $302.54 -1.83% Booking Holdings Inc. (BKNG) $5,713.33 -1.76% Fiserv Inc. (FI) $170.55 -1.67% Paypal Holdings Inc (PYPL) $75.03 -1.51% Trip.com Group Limited (TCOM) $60.54 -1.50% Intuitive Surgical Inc. (ISRG) $527.30 -1.39%