US open: H2 trading gets off to a mixed start

(Sharecast News) - Wall Street trading had stocks opening got off to a mixed start on Tuesday as investors tuned into a speech from Federal Reserve chairman Jerome Powell.

As of 1515 BST, the Dow Jones Industrial Average was up 0.43% at 44,284.97, while the S&P 500 lost 0.05% to 6,201.96 and the Nasdaq Composite came out of the gate 0.16% softer at 20,336.50.

The Dow opened 190.20 points higher on Tuesday, building on gains recorded in the previous session.

Tuesday's primary focus was set to be comments from Powell, with the Fed head revealing that the central bank would have already eased monetary policy by now if not for Donald Trump's tariff so-called "Liberation Day" tariffs.

"In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs," said Powell, just a day after Donald Trump sent him a handwritten note demanding ultra-low interest rates.

"Jerome - You are, as usual, 'too late.' You have cost the USA A fortune - and continue to do so - you should lower the rate - by a lot!" said Trump. "Hundreds of billions of dollars being lost! No inflation."

On the macro front, S&P Global's manufacturing PMI rose to 52.9 in June, up from 52 in May and ahead of both a flash estimate of 52 and expectations of 51. Output rose for the first time in four months and at the second fastest pace since March 2024 amid higher demand for capacity. On the price front, input costs accelerated the most in nearly three years, driving output charges to jump their highest level since September 2022.

Elsewhere, the Institute for Supply Management's manufacturing PMI ticked up to 49 in June, up from 48.5 in May and ahead of expectations of 48.8. While economic activity in the manufacturing sector contracted for the fourth consecutive month, the rate of contraction slowed amid a rebound in production and improvements in inventories.

On another note, the US economy created 374,000 jobs in May, according to the Bureau of Labor Statistics, as job openings rose to 7.76m, with the largest gains seen in accommodation and food services. In contrast, job openings in the US federal government fell by 39,000.

Finally, US construction spending decreased by 0.30% month-on-month in May, according to the Census Bureau, dropping to a seasonally adjusted annualised rate of $2.13trn from April's revised 0.4% decrease.

In the corporate space, shares Facebook parent company Meta Platforms traded higher after the tech giant revealed plans for an AI lab focused on "superintelligence" that will include researchers poached from OpenAI, while electric carmaker Tesla traded lower after Donald Trump suggested that the Department of Government Efficiency should look into the subsidies received by companies under the leadership of Elon Musk.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $209.13 4.02%

Nike Inc. (NKE) $72.97 2.72%

Unitedhealth Group Inc. (UNH) $316.14 1.34%

Coca-Cola Co. (KO) $71.50 1.05%

Amgen Inc. (AMGN) $280.29 0.98%

Walmart Inc. (WMT) $98.54 0.78%

Boeing Co. (BA) $210.79 0.60%

Johnson & Johnson (JNJ) $153.66 0.60%

McDonald's Corp. (MCD) $293.36 0.41%

Walgreens Boots Alliance, Inc. (WBA) $11.48 0.39%

Dow Jones - Fallers

Intel Corp. (INTC) $22.34 -2.12%

Caterpillar Inc. (CAT) $385.21 -0.77%

Visa Inc. (V) $353.12 -0.54%

Walt Disney Co. (DIS) $123.36 -0.52%

Travelers Company Inc. (TRV) $266.63 -0.34%

Cisco Systems Inc. (CSCO) $69.10 -0.22%

Dow Chemical Co. (DOW) $26.43 -0.19%

Chevron Corp. (CVX) $142.96 -0.16%

Salesforce.Com Inc. (CRM) $272.27 -0.15%

International Business Machines Corporation (CDI) (IBM) $294.49 -0.10%

S&P 500 - Risers

Wynn Resorts Ltd. (WYNN) $100.57 6.46%

MGM Resorts International (MGM) $35.95 4.54%

Apple Inc. (AAPL) $209.13 4.02%

Hasbro Inc (HAS) $75.80 3.68%

Packaging Corp. Amer (PKG) $195.27 3.62%

Advance Auto Parts (AAP) $48.10 3.47%

Bath & Body Works, Inc. (BBWI) $30.97 3.37%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $472.08 3.01%

Centene Corp. (CNC) $55.83 2.86%

PVH Corp. (PVH) $70.55 2.84%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $24.55 -8.68%

Advanced Micro Devices Inc. (AMD) $138.24 -4.04%

Albemarle Corp. (ALB) $60.65 -3.22%

Williams Companies Inc. (WMB) $61.44 -2.18%

Intel Corp. (INTC) $22.34 -2.12%

Air Products & Chemicals Inc. (APD) $276.70 -1.90%

Alphabet Inc. Class A (GOOGL) $175.08 -1.87%

Coterra Energy Inc. (CTRA) $24.94 -1.73%

Amazon.Com Inc. (AMZN) $219.72 -1.55%

Alphabet Inc. Class C (GOOG) $176.27 -1.54%

Nasdaq 100 - Risers

Wynn Resorts Ltd. (WYNN) $100.57 6.46%

Apple Inc. (AAPL) $209.13 4.02%

Hasbro Inc (HAS) $75.80 3.68%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $472.08 3.01%

Vodafone Group Plc ADS (VOD) $10.84 2.99%

Liberty Global plc Series C (LBTYK) $10.44 2.70%

Charter Communications Inc. (CHTR) $413.23 2.50%

Liberty Global plc Series A (LBTYA) $10.19 2.46%

Check Point Software Technologies Ltd. (CHKP) $221.38 2.28%

Monster Beverage Corp (MNST) $63.08 2.25%

Nasdaq 100 - Fallers

Tesla Inc (TSLA) $302.28 -5.97%

Intel Corp. (INTC) $22.34 -2.12%

Alphabet Inc. Class A (GOOGL) $175.08 -1.87%

Amazon.Com Inc. (AMZN) $219.72 -1.55%

Alphabet Inc. Class C (GOOG) $176.27 -1.54%

Adobe Systems Inc. (ADBE) $382.19 -1.51%

Micron Technology Inc. (MU) $122.47 -1.35%

Incyte Corp. (INCY) $67.82 -1.24%

Broadcom Inc. (AVGO) $272.18 -1.18%

Nvidia Corp. (NVDA) $156.14 -1.11%