(Sharecast News) - Major indices opened higher on Thursday as more solid bank earnings and strong guidance from big-name tech firms offset renewed trade tensions and the ongoing Federal government shutdown.
As of 1450 BST, the Dow Jones Industrial Average was up 0.18% at 46,337.22, while the S&P 500 advanced 0.24% to 6,687.31 and the Nasdaq Composite came out of the gate 0.47% firmer at 22,775.81.
The Dow opened 83.91 points higher on Thursday, more than reversing modest losses registered in the previous session.
Stocks were higher at the open as tech stocks buoyed markets early on Thursday, with Nvidia up 1.2% and Broadcom rising 2% after chipmaker Taiwan Semiconductor raised its 2025 revenue growth forecast to the mid-30% range, up from around 30%. Taiwan Semiconductor, which manufactures chips for Nvidia, also reiterated plans to invest up to $42bn in capital expenditure by year-end, and reported a near-40% jump in third-quarter profit.
In terms of earnings, JB Hunt Transport Services shares rallied in early trade after topping earnings and revenue forecasts, while Salesforce shares traded higher following a bullish outlook at its Dreamforce conference.
On the other hand, United Airlines shares headed south after posting softer-than-expected revenue, and Hewlett Packard Enterprise shares slumped after guiding to a weaker FY26 outlook.
Shares in Bank of New York Mellon also traded lower early on Thursday despite the financial services group comfortably topping analysts' estimates with record revenues and strong profit growth in the third quarter.
Traders also continued to assess US-Sino trade tensions, which flared up again after Donald Trump threatened a cooking oil trade ban on China, citing reduced soybean purchases linked to earlier tariffs. Trump also warned of a potential 100% tariff on Chinese imports in response to new export controls on rare earth minerals, while Treasury Secretary Scott Bessent said price floors across key industries were being considered to counter market manipulation.
Meanwhile, the US government shutdown entered its third week, halting the release of key economic data and leaving traders with limited visibility amid concerns over labour market conditions, consumer impact from tariffs, elevated interest rates and stretched valuations.
On the macro front, manufacturing activity in the Philadelphia region contracted sharply in October, with the Philadelphia Federal Reserve's manufacturing index falling to a six-month low of -12.8, down from 23.2 in September and well below consensus expectations of 10. Shipments dropped 20 points but remained in positive territory at 6.0, while new orders rose six points to 18.2. Employment edged down slightly to 4.6, still indicating modest job gains, but the average workweek shortened to 12.8 from 14.9. Price pressures remained elevated despite some moderation, with the prices paid index rising to 49.2 and prices received climbing to 26.8. Looking ahead, the survey's future activity indicators continued to point to broad expectations for growth over the next six months.
Still to come, the National Association of Home Builders' October housing market index will be published at 1500 BST.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $35.63 4.27%
Walmart Inc. (WMT) $109.03 1.70%
International Business Machines Corporation (CDI) (IBM) $280.88 1.67%
Dow Chemical Co. (DOW) $22.20 1.28%
Cisco Systems Inc. (CSCO) $69.52 1.25%
Caterpillar Inc. (CAT) $534.20 1.25%
Nike Inc. (NKE) $68.40 1.21%
JP Morgan Chase & Co. (JPM) $305.69 1.20%
Amgen Inc. (AMGN) $297.32 1.18%
Apple Inc. (AAPL) $249.34 0.63%
Dow Jones - Fallers
Travelers Company Inc. (TRV) $269.54 -2.25%
Salesforce.Com Inc. (CRM) $236.58 -1.33%
Procter & Gamble Co. (PG) $147.42 -1.17%
Visa Inc. (V) $345.90 -0.77%
Merck & Co. Inc. (MRK) $84.08 -0.70%
American Express Co. (AXP) $330.69 -0.66%
Coca-Cola Co. (KO) $67.10 -0.64%
Verizon Communications Inc. (VZ) $40.38 -0.42%
Goldman Sachs Group Inc. (GS) $767.81 -0.37%
Chevron Corp. (CVX) $152.11 -0.18%
S&P 500 - Risers
Salesforce.Com Inc. (CRM) $251.15 6.16%
Snap On Inc. (SNA) $351.26 5.61%
Incyte Corp. (INCY) $90.59 2.77%
Thermo Fisher Scientific Inc. (TMO) $540.77 2.44%
US Bancorp (USB) $47.28 1.79%
ConAgra Brands Inc (CAG) $18.66 1.74%
Mosaic Company (MOS) $30.21 1.41%
Alphabet Inc. Class A (GOOGL) $254.45 1.36%
FedEx Corp. (FDX) $238.93 1.33%
PepsiCo Inc (PEP) $153.15 1.32%
S&P 500 - Fallers
Apartment Investment & Management Co. (AIV) $5.69 -27.54%
Hewlett Packard Enterprise (HPE) $22.59 -9.76%
Travelers Company Inc. (TRV) $255.75 -5.08%
Marsh & McLennan Companies Inc. (MMC) $195.09 -4.30%
American International Group Inc. (AIG) $77.92 -4.11%
Becton, Dickinson & Company (BDX) $179.69 -3.79%
Hartford Financial Services Group Inc. (HIG) $124.41 -3.30%
Gallagher Arthur J (AJG) $288.08 -2.73%
Willis Towers Watson Public Limited Company (WTW) $332.80 -1.95%
Keycorp (KEY) $17.48 -1.41%
Nasdaq 100 - Risers
J.B. Hunt Transport Services Inc. (JBHT) $159.59 14.95%
Micron Technology Inc. (MU) $199.41 3.89%
Asml Holdings N.V. (ASML) $1,044.48 3.43%
Incyte Corp. (INCY) $90.59 2.77%
Western Digital Corp. (WDC) $123.70 2.70%
KLA-Tencor Corp. (KLAC) $1,114.62 2.54%
Workday, Inc. (WDAY) $240.22 2.33%
Hologic Inc. (HOLX) $68.51 2.25%
Seagate Technology Plc (STX) $223.80 2.02%
Applied Materials Inc. (AMAT) $232.01 1.95%
Nasdaq 100 - Fallers
American Airlines Group (AAL) $12.31 -1.48%
Baidu Inc. (BIDU) $120.54 -0.86%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $534.34 -0.77%
Apple Inc. (AAPL) $247.60 -0.70%
Cognizant Technology Solutions Corp. (CTSH) $66.29 -0.68%
Automatic Data Processing Inc. (ADP) $282.57 -0.58%
Ross Stores Inc. (ROST) $156.13 -0.55%
Cintas Corp. (CTAS) $186.44 -0.54%
Fastenal Co. (FAST) $42.09 -0.36%
Paychex Inc. (PAYX) $127.13 -0.31%
81.52 (0.86%)
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