Proactive Investors - 9.58am: Nasdaq leads way as markets open higher
The Nasdaq led gains this morning as US markets opened higher following a tough session of trading on Tuesday.
Hotter-than-expected inflation had hit the markets, as hopes for rate cuts anytime soon looked to be dampened.
The Nasdaq Composite climbed 0.7% to 15,770 soon after Wednesday’s opening bell, with the S&P 500 also seeing strong gains of 0.5% to bring it closer back to the 5,000 mark at 4,980.
The Dow Jones ticked up 0.1% to 38,315, meanwhile.
Barrick Gold (NYSE:GOLD) was among multiple firms reporting this morning, with the company slipping in early trading despite unveiling per share net income of $0.27, above expectations.
Another reporter, Kraft Heinz (NASDAQ:KHC) Co (NASDAQ:KHC, ETR:KHNZ), also fell, after reporting below-anticipated sales as price increases failed to mitigate declining volumes.
6.58am: US stocks seen higher after Tuesday’s losses
US stock markets are expected to open in the green on Wednesday after hotter-than-expected inflation data forced losses on Tuesday.
Futures trading has the NASDAQ opening 0.5% higher at 17,761, with the S&P 500 and Dow Jones expected up by 0.3% and 0.1% to 4,986 and 38,387 respectively.
A higher-than-expected inflation reading of 3.1% for December had hit trading on Wednesday, as hopes of base rate cuts anytime soon looked to be dampened.
“The focus is now turning to this week’s other data releases,” City Index analyst Fawad Razaqzadal said ahead of Wednesday’s open.
“Up next, we have retail sales, industrial production, jobless claims, and Manufacturing indices from Philadelphia and New York, all scheduled for release on Thursday.”
Upcoming data will have to show figures weakening significantly for short-term outlook on the likes of base rate cuts and US dollar exchange rates to improve, he added.
Back to Wednesday, Barrick Gold Corp, CME Group Inc (NASDAQ:CME), The Kraft Heinz Co (NASDAQ:KHC, ETR:KHNZ), Cisco Systems Inc (NASDAQ:CSCO, ETR:CIS), Occidental Petroleum Corp (NYSE:NYSE:OXY), Quantumscape Corp (NYSE:QS) and Twilio Inc (NYSE:NYSE:TWLO) are all due to report.