Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

US open: Stocks higher following Q3 bank earnings, PPI reading

(Sharecast News) - Wall Street futures were in the green early on Friday as market participants digested quarterly earnings reports from some of the biggest names in US banking and better-than-expected inflation data. As of 1600 BST, the Dow Jones Industrial Average was up 0.77% at 42,783.0p, while the S&P 500 advanced 0.51% to 5,809.79 and the Nasdaq Composite came out the gate 0.15% firmer at18,310.22

The Dow opened 328.88 points higher on Friday, easily reversing losses recorded in the previous session as last month's consumer price index led to fears that inflation hasn't quite cooled off as initially hoped.

However, Friday's producer price index from the Bureau of Labor Statistics eased some of those fears as it revealed PPI was flat month-on-month and up 1.8% on an annualised basis. Excluding volatile food and energy costs, the so-called core reading was 0.2% higher month-on-month. Economists expected to see headline PPI growth slow from 0.2% to 0.1% on a monthly basis.

Elsewhere on the macro front, a preliminary reading of the University of Michigan's consumer sentiment index declined to 68.9 in October, down from a five-month high of 70.1 in September and missing forecasts of 70.8.

In the corporate space, JPMorgan Chase said quarterly profits had slipped on the back of increased costs but still came in ahead of estimates, while Wells Fargo said its investment banking unit had helped offset the impact of reduced interest rates in Q3.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Home Depot Inc. (HD) $410.02 0.00% Dowdupont Inc. (DWDP) $0.00 0.00% Walt Disney Co. (DIS) $92.99 0.00% Johnson & Johnson (JNJ) $160.63 0.00% Chevron Corp. (CVX) $150.55 0.00% Merck & Co. Inc. (MRK) $109.40 0.00% Caterpillar Inc. (CAT) $396.78 0.00% Microsoft Corp. (MSFT) $415.84 0.00% Nike Inc. (NKE) $82.10 0.00% Salesforce.Com Inc. (CRM) $289.92 0.00%

Dow Jones - Fallers

Home Depot Inc. (HD) $410.02 0.00% Dowdupont Inc. (DWDP) $0.00 0.00% Walt Disney Co. (DIS) $92.99 0.00% Johnson & Johnson (JNJ) $160.63 0.00% Chevron Corp. (CVX) $150.55 0.00% Merck & Co. Inc. (MRK) $109.40 0.00% Caterpillar Inc. (CAT) $396.78 0.00% Microsoft Corp. (MSFT) $415.84 0.00% Nike Inc. (NKE) $82.10 0.00% Salesforce.Com Inc. (CRM) $289.92 0.00%

S&P 500 - Risers

Wynn Resorts Ltd. (WYNN) $103.70 0.00% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $358.96 0.00% Whirlpool Corp. (WHR) $103.21 0.00% QUALCOMM Inc. (QCOM) $168.52 0.00% Kroger Co. (KR) $55.22 0.00% Raymond James Fin Corp. (RJF) $126.76 0.00% Coterra Energy Inc. (CTRA) $24.51 0.00% General Mills Inc. (GIS) $71.32 0.00% Newmont Corporation (NEM) $53.40 0.00% Electronic Arts Inc. (EA) $141.97 0.00%

S&P 500 - Fallers

Blackrock Inc. (BLK) $956.87 0.00% General Motors Corp (GM) $47.68 0.00% Apple Inc. (AAPL) $229.04 0.00% Xilinx Inc. (XLNX) $0.00 0.00% Chipotle Mexican Grill Inc. (CMG) $58.33 0.00% Marsh & McLennan Companies Inc. (MMC) $223.51 0.00% Sempra Energy (SRE) $81.32 0.00% CMS Energy Corp. (CMS) $69.14 0.00% Home Depot Inc. (HD) $410.02 0.00% PepsiCo Inc (PEP) $172.99 0.00%

Nasdaq 100 - Risers

Mylan Inc. (MYL) $0.00 0.00% Hologic Inc. (HOLX) $79.92 0.00% Texas Instruments Inc (TXN) $202.47 0.00% Costco Wholesale Corp. (COST) $893.63 0.00% Gen Digital Inc. (GEN) $27.70 0.00% Intuit Inc. (INTU) $619.30 0.00% Netflix Inc. (NFLX) $730.29 0.00% Paypal Holdings Inc (PYPL) $78.98 0.00% Electronic Arts Inc. (EA) $141.97 0.00% Alphabet Inc. Class C (GOOG) $163.18 0.00%

Nasdaq 100 - Fallers

Mylan Inc. (MYL) $0.00 0.00% Hologic Inc. (HOLX) $79.92 0.00% Texas Instruments Inc (TXN) $202.47 0.00% Costco Wholesale Corp. (COST) $893.63 0.00% Gen Digital Inc. (GEN) $27.70 0.00% Intuit Inc. (INTU) $619.30 0.00% Netflix Inc. (NFLX) $730.29 0.00% Paypal Holdings Inc (PYPL) $78.98 0.00% Electronic Arts Inc. (EA) $141.97 0.00% Alphabet Inc. Class C (GOOG) $163.18 0.00%

Share this article

Related Sharecast Articles

Director dealings: Science Group executive chairman raises stake
(Sharecast News) - Science Group revealed on Monday that executive chair Martyn Ratcliffe had acquired 10,000 ordinary shares in the AIM-listed science and technology consultancy business.
Broker tips: Fresnillo, Smith and Nephew, 3i Group
(Sharecast News) - Canaccord Genuity downgraded Fresnillo on Monday to 'hold' from 'buy' as it pointed to a strong run over the past three to six months.
London close: Stocks mixed on eve of US presidential election
(Sharecast News) - London markets closed with mixed results on Monday, as investors prepared for a week laden with key political and economic events, including the upcoming US presidential election and anticipated policy statements in both the UK and US.
FTSE 250 movers: Burberry jumps on M&A buzz, Raspberry Pi drops
(Sharecast News) - Luxury brand Burberry topped the risers list on Monday on the back of takeover rumours, while low-cost single-board computer maker Raspberry Pi was the worst performer, extending recent losses.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.