US open: Dow extends gains, Nasdaq slips as investors await Nvidia results

(Sharecast News) - Wall Street trading got off to a mixed start on Wednesday as investors awaited quarterly earnings from AI darling Nvidia.

As of 1445 BST, the Dow Jones Industrial Average was up 0.18% 45,500.12, while the S&P 500 was flat at 6,466.16, and the Nasdaq Composite came out of the gate 0.14% softer at 21,514.40.

The Dow opened 82.05 points higher on Wednesday, extending gains recorded in the previous session following a late rally, though disappointing economic data and renewed concerns about the independence of the Federal Reserve limited upside.

Wednesday's primary focus will undoubtedly be Nvidia's earnings report, scheduled for release after the close of trading, with earnings from the S&P 500's largest constituent, widely viewed as a bellwether for broader market sentiment and a key proxy for AI development, coming at a pivotal moment for US equities, with the "Magnificent Seven" cohort looking to recover from last week's sell-off. Analysts expect Nvidia's update to act as a swing factor for the year-to-date rally, particularly given the firm's outsized weighting in major indices and its role in driving AI-related optimism across sectors.

Elsewhere in the corporate space, Foot Locker posted a second-quarter loss of $38m on revenues of $1.86bn, while Kohl's raised its full-year guidance despite seeing Q2 net sales decrease 5.1%.

Still to come, CrowdStrike, Trip.com, HP, and Urban Outfitters will report earnings after the close.

On the macro front, US mortgage applications eased 0.5% in the week ended 22 August, according to the Mortgage Bankers Association, extending the prior week's 1.4% decline and partially unwinding the 14% surge seen across the first half of August. Last week's modest pullback coincided with a one basis point increase in the benchmark 30-year mortgage rate, as long-dated Treasury yields held firm following pro-inflationary signals in recent leading indicators. Applications to refinance a mortgage, which are more sensitive to short-term interest rates, led the decline, dropping 3.5% week-on-week, offsetting a 2.2% increase in applications to purchase a home.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Boeing Co. (BA) $234.83 3.51%

Goldman Sachs Group Inc. (GS) $748.95 1.38%

International Business Machines Corporation (CDI) (IBM) $242.63 1.34%

JP Morgan Chase & Co. (JPM) $298.57 1.24%

Visa Inc. (V) $351.18 0.68%

3M Co. (MMM) $156.57 0.46%

Amgen Inc. (AMGN) $289.58 0.00%

Apple Inc. (AAPL) $229.31 0.00%

Cisco Systems Inc. (CSCO) $68.39 0.00%

Dowdupont Inc. (DWDP) $0.00 0.00%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $243.74 -1.67%

Unitedhealth Group Inc. (UNH) $300.43 -1.45%

Johnson & Johnson (JNJ) $176.49 -1.08%

Dow Chemical Co. (DOW) $24.74 -0.72%

Nike Inc. (NKE) $78.65 -0.66%

Verizon Communications Inc. (VZ) $43.96 -0.61%

Travelers Company Inc. (TRV) $270.89 -0.53%

Chevron Corp. (CVX) $157.36 -0.53%

Merck & Co. Inc. (MRK) $84.99 -0.38%

Home Depot Inc. (HD) $407.54 -0.33%

S&P 500 - Risers

VF Corp. (VFC) $14.52 6.22%

Eli Lilly and Company (LLY) $736.03 5.85%

Boeing Co. (BA) $234.83 3.51%

Jefferies Financial Group Inc. (JEF) $64.07 3.11%

General Electric Co. (GE) $273.94 2.75%

Royal Caribbean Cr (RCL) $353.74 2.54%

Flowserve Corp. (FLS) $54.33 2.35%

Tapestry Inc. (TPR) $100.70 2.26%

RTX Corporation (RTX) $159.57 2.11%

Ralph Lauren Corp (RL) $293.20 2.02%

S&P 500 - Fallers

Kohls Corp. (KSS) $13.04 -6.52%

Robert Half Inc. (RHI) $36.50 -3.44%

Constellation Brands Inc. Class A (STZ) $158.37 -3.24%

Coty Inc. Class A (COTY) $3.69 -3.15%

H&R Block Inc. (HRB) $50.32 -2.97%

National Oilwell Varco Inc. (NOV) $12.87 -2.20%

Under Armour, Inc. (UA) $4.91 -2.19%

Vornado Realty Trust (VNO) $37.01 -2.09%

Halliburton Co. (HAL) $21.88 -2.06%

ConAgra Brands Inc (CAG) $18.79 -1.93%

Nasdaq 100 - Risers

Fiserv Inc. (FI) $137.88 0.45%

Paychex Inc. (PAYX) $138.04 0.00%

Amgen Inc. (AMGN) $289.58 0.00%

Idexx Laboratories Inc. (IDXX) $641.72 0.00%

Hologic Inc. (HOLX) $66.63 0.00%

Henry Schein Inc. (HSIC) $69.06 0.00%

Applied Materials Inc. (AMAT) $164.51 0.00%

Intuit Inc. (INTU) $659.54 0.00%

Meta Platforms Inc. (META) $754.10 0.00%

Starbucks Corp. (SBUX) $86.63 0.00%

Nasdaq 100 - Fallers

J.B. Hunt Transport Services Inc. (JBHT) $144.32 0.00%

Charter Communications Inc. (CHTR) $266.67 0.00%

Autodesk Inc. (ADSK) $282.45 0.00%

Regeneron Pharmaceuticals Inc. (REGN) $587.65 0.00%

Microchip Technology Inc. (MCHP) $67.62 0.00%

Automatic Data Processing Inc. (ADP) $303.45 0.00%

Tesla Inc (TSLA) $351.67 0.00%

Baidu Inc. (BIDU) $92.48 0.00%

Illumina Inc. (ILMN) $98.73 0.00%

Seagate Technology Plc (STX) $165.24 0.00%