US open: Stocks mixed following July CPI reading, bank earnings

(Sharecast News) - Wall Street trading got off to a mixed start on Tuesday as market participants digested key inflation data and Q2 bank earnings. As of 1445 BST, the Dow Jones Industrial Average was down 0.13% at 44,403.49, while the S&P 500 advanced 0.35% to 6,290.79 and the Nasdaq Composite came out of the gate 0.74% firmer at 20,793.43.

The Dow opened 56.16 points lower on Tuesday, taking a bite out of gains recorded in the previous session despite news that Donald Trump had slapped fresh tariffs on imports from both the EU and Mexico.

Tuesday's primary focus was set to be news that the cost of living in the US rose a tad less quickly than anticipated in July, as energy prices bounced back. According to the Department of Labor, in seasonally adjusted terms, the headline consumer price index rose at a month-on-month pace of 0.3% in June, while the annual rate of change in CPI came to 2.7%, both of which were in line with expectations. Core CPI, on the other hand, rose by 0.2% over the month and 2.9% on the year, slightly better than the 3.0% increase forecast by economists.

Elsewhere on the macro front, the New York Empire State manufacturing index surged to 5.5 in July, the first positive reading since February, rebounding from -16.0 in June and well and truly outperforming market expectations of -9.0. New orders edged higher, as did shipments, while delivery times lengthened and supply availability continued to worsen. Firms also appeared to grow more optimistic, with the future business conditions index rising to 24.1.

In the corporate space, US banking giant Wells Fargo said on Tuesday that profits had grown in Q2 but lowered expectations for its annual interest income performance, while JPMorgan Chase posted a 17% drop in Q2 profits, and BlackRock said assets hit a record $12.43trn on the back of a surge in its alternatives business.

Citigroup quarterly profits rose on the back of a solid trading performance, up 16% year-on-year, while Bank of New York Mellon posted quarterly revenue and earnings that topped Wall Street expectations on the back of a strong net interest income performance.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Boeing Co. (BA) $230.51 1.62% Walmart Inc. (WMT) $95.78 1.46% 3M Co. (MMM) $158.04 1.33% Goldman Sachs Group Inc. (GS) $713.21 1.18% Visa Inc. (V) $350.50 0.74% McDonald's Corp. (MCD) $301.95 0.66% JP Morgan Chase & Co. (JPM) $288.70 0.64% Salesforce.Com Inc. (CRM) $259.68 0.62% Microsoft Corp. (MSFT) $503.02 0.49% American Express Co. (AXP) $320.92 0.45%

Dow Jones - Fallers

Dow Chemical Co. (DOW) $28.25 -4.40% Chevron Corp. (CVX) $151.65 -2.36% Procter & Gamble Co. (PG) $153.76 -2.09% Unitedhealth Group Inc. (UNH) $300.58 -1.16% Apple Inc. (AAPL) $208.62 -1.08% Intel Corp. (INTC) $23.30 -1.02% Cisco Systems Inc. (CSCO) $67.82 -0.90% Coca-Cola Co. (KO) $69.47 -0.57% Nike Inc. (NKE) $72.25 -0.52% Amgen Inc. (AMGN) $297.03 -0.34%

S&P 500 - Risers

Kraft Heinz Co. (KHC) $27.80 6.90% Western Digital Corp. (WDC) $66.93 3.84% Fastenal Co. (FAST) $45.07 3.76% Seagate Technology Plc (STX) $149.08 3.67% Fortinet Inc. (FTNT) $102.97 3.51% Ansys Inc. (ANSS) $385.85 3.25% Tapestry Inc. (TPR) $101.55 3.17% Autodesk Inc. (ADSK) $294.55 3.12% Fluor Corp. (FLR) $53.83 2.95% Corning Inc. (GLW) $53.16 2.95%

S&P 500 - Fallers

Waters Corp. (WAT) $304.18 -13.81% Gap Inc. (GAP) $21.43 -6.13% Henry Schein Inc. (HSIC) $70.68 -4.87% Halliburton Co. (HAL) $22.05 -4.59% Constellation Brands Inc. Class A (STZ) $164.58 -4.42% Brighthouse Financial, Inc. (BHF) $49.13 -4.42% Apache Corp. (APA) $19.47 -4.30% Helmerich & Payne Inc. (HP) $16.44 -4.08% FMC Technologies Inc. (FTI) $34.31 -3.81% American Airlines Group (AAL) $12.38 -3.73%

Nasdaq 100 - Risers

Kraft Heinz Co. (KHC) $27.80 6.90% Western Digital Corp. (WDC) $66.93 3.84% Fastenal Co. (FAST) $45.07 3.76% Seagate Technology Plc (STX) $149.08 3.67% Autodesk Inc. (ADSK) $294.55 3.12% Tesla Inc (TSLA) $316.90 2.97% Regeneron Pharmaceuticals Inc. (REGN) $570.59 2.76% Alphabet Inc. Class C (GOOG) $182.81 2.44% Mondelez International Inc. (MDLZ) $67.64 2.32% Alphabet Inc. Class A (GOOGL) $181.56 2.30%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $2.76 -5.96% Henry Schein Inc. (HSIC) $70.68 -4.87% American Airlines Group (AAL) $12.38 -3.73% Skyworks Solutions Inc. (SWKS) $74.43 -3.24% Micron Technology Inc. (MU) $118.61 -3.15% Hologic Inc. (HOLX) $64.62 -2.98% Baidu Inc. (BIDU) $85.87 -2.69% QUALCOMM Inc. (QCOM) $154.29 -2.60% Synopsys Inc. (SNPS) $549.53 -2.39% DENTSPLY Sirona Inc. (XRAY) $16.00 -2.32%