US open: Markets unchanged as investors weigh results from Boeing and Yahoo.
US stocks were largely unchanged on Wednesday, as investors weighed results from Boeing and Yahoo.
Daimler AG
€70.16
16:30 19/03/24
Dow Chemical Co.
$56.80
07:05 19/04/24
Yahoo! Inc.
$0.00
14:25 11/03/24
At 10:36 New York Time, the Dow Jones Industrial average was up 18.30 points to 16,633.11, while the S&P 500 rose 0.15% to 1,944.25 and the Nasdaq was up 7.66 to 4,427.14.
Data released on Wednesday by the Labor Department showed the cost of living barely rose in September.
The headline consumer price index (CPI) rose by 0.1% month-on-month in seasonally adjusted terms in September, slightly above expectations, while the core CPI increased by 0.1%, in line with consensus.
Headline inflation was pushed down by lower energy prices, which declined by 0.7%, while the 0.3% rise in food prices offset some of the softness in energy. On a year-on-year basis, the overall and core CPI were unchanged from the previous month at 1.7%.
“We maintain our view that although the recent drop in energy prices will likely lead to softer headline CPI over the coming quarters core CPI will likely remain solid, supported by rising shelter inflation,” Barclays analysts said in a note.
In corporate news, Boeing shares fell slightly despite beating profit expectations and lifting its earnings forecast for the year, while biotech firm Biogen Idec fell sharply, despite reporting better than expected third quarter results and lifting its full year earnings outlook.
Dow Chemical shares edged forward after the firm’s adjusted earnings of 72 cents a share came in above consensus estimate of 67 cents and Yahoo rose markedly after delivering better than expected results late on Tuesday.
Tekmira Pharmaceuticals rose as high as 11% before the bell, after the drug-maker announced it had started limited production of a new therapeutic drug against Ebola, which should be available by December of this year.
GFI Group edged forward after BGC Partners announced plans to bid for its rival company, according to sources cited by the Wall Street Journal, while Daimler rose slightly after selling its 4% stake in Tesla Motors late on Tuesday.
Gold futures dropped back to $1,243.90 while West Texas intermediate rose slightly and was trading at just over $82.53.
The dollar gained ground against the pound, yen and euro.
The yield on the 10-year Treasury note rose by one basis point to 2.23%, while the yield on the 30-year Treasury note rose by the same margin to 3.00 and the yield on the five-year note moved up three basis points to 1.46.