US open: Stocks higher as traders weigh inflation figures, GDP revisions

(Sharecast News) - Major indices were in the green early on Friday as market participants digested key inflation and GDP figures.

As of 1435 GMT, the Dow Jones Industrial Average was up 0.61% at 46,961.35, while the S&P 500 advanced 0.51% to 6,706.49 and the Nasdaq Composite came out of the gate 0.49% firmer at 22,422.26.

The Dow opened 283.50 points higher on Friday, taking a bite out of heavy losses recorded in the previouss ession after oil prices surged on the back of comments from Iran's new Supreme Leader, Mojtaba Khamenei, who said that the Strait of Hormuz should remain shut as a "tool to pressure the enemy".

Elevated crude prices remained in focus at the open on Friday, as did renewed inflation concerns, dampening expectations for how far the Federal Reserve might cut interest rates this year.

However, Friday's primary focus looked set to be news that US inflation eased slightly at the beginning of 2025, according to the Bureau of Economic Analysis, with headline PCE growth slowing to 2.8% year-on-year in January, down from 2.9% in December. January's reading came in just below expectations, while the monthly increase of 0.3% was in line with forecasts. The core PCE index, the Federal Reserve's preferred measure of underlying inflation, rose 0.4% on the month, the same pace as December's tenmonth high. On an annualised basis, however, core PCE accelerated to 3.1%, up from 3% in the prior month and still well above the central bank's 2% target.

Also drawing an amount of investor attention was news that fourth-quarter US economic growth was revised sharply lower, as consumer spending and fixed investment growth both slowed, and steep declines were seen in exports and government spending. The second estimate of fourth-quarter real gross domestic product showed an annualised increase of just 0.7% for the final three months of last year, according to the Bureau of Economic Analysis, well below the 1.4% flash estimate released three weeks ago - which at the time was also significantly under consensus forecasts. Analysts had widely expected the follow-up numbers to be unchanged, following the 4.4% growth registered in the third quarter.

Elsewhere on the macro front, orders for US-made durable goods were flat month-on-month in January, according to the Census Bureau, following December's downwardly revised 0.9% decrease and compared to consensus expectations of a 1.2% increase. Primary metals orders were up 0.8% month-on-month, as were orders for computers and electronic products, while orders for fabricated metals products rose 0.6%. However, these were offset by a 1.1% declines in capital goods orders, a 0.9% drop in transportation equipment orders, and 0.6% fall in orders for orders of electrical equipment, appliances, and components.

On another note, US consumer sentiment weakened in March, according to a preliminary reading of the University of Michigan's consumer sentiment index, with the headline index slipping to 55.5 from 56.6 in February, though still coming in slightly ahead of expectations of 55. March's print marked the lowest reading in three months, with respondents citing the US-Iran military conflict as a key factor weighing on confidence. Rising gasoline prices had the most immediate impact on households.

Still to come, January's JOLTS job openings report was slated for release at 1500 GMT.

No major corporate earnings were slated for release on Friday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Dow Chemical Co. (DOW) $37.58 9.34%

Chevron Corp. (CVX) $196.97 2.70%

Salesforce.Com Inc. (CRM) $199.28 2.65%

Travelers Company Inc. (TRV) $302.01 0.87%

Dowdupont Inc. (DWDP) $0.00 0.00%

Walmart Inc. (WMT) $0.00 0.00%

Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%

Coca-Cola Co. (KO) $77.61 -0.03%

Cisco Systems Inc. (CSCO) $77.74 -0.04%

Verizon Communications Inc. (VZ) $50.63 -0.10%

Dow Jones - Fallers

Goldman Sachs Group Inc. (GS) $787.52 -4.40%

Boeing Co. (BA) $204.76 -4.36%

3M Co. (MMM) $149.10 -3.91%

Intel Corp. (INTC) $45.25 -3.66%

Home Depot Inc. (HD) $338.93 -3.39%

Unitedhealth Group Inc. (UNH) $277.05 -2.87%

Nike Inc. (NKE) $54.13 -2.82%

Apple Inc. (AAPL) $255.76 -2.14%

Amgen Inc. (AMGN) $367.79 -1.94%

Procter & Gamble Co. (PG) $150.50 -1.84%

S&P 500 - Risers

Celanese Corp. (CE) $59.60 14.75%

CF Industries Holdings Inc. (CF) $136.00 13.21%

LyondellBasell Industries (LYB) $74.33 10.33%

Mosaic Company (MOS) $31.36 7.58%

Apache Corp. (APA) $33.61 6.31%

Occidental Petroleum Corp. (OXY) $58.41 5.09%

Air Products & Chemicals Inc. (APD) $290.48 4.61%

Eastman Chemical Co. (EMN) $70.59 4.24%

Kroger Co. (KR) $74.96 3.84%

Philip Morris International Inc. (PM) $172.00 3.09%

S&P 500 - Fallers

Estee Lauder Co. Inc. (EL) $84.29 -7.92%

Carnival Corp. (CCL) $23.92 -7.89%

International Paper Co. (IP) $35.65 -7.79%

Southwest Airlines Co. (LUV) $38.61 -7.74%

Schlumberger Ltd. (SLB) $44.56 -7.49%

DENTSPLY Sirona Inc. (XRAY) $11.80 -7.15%

Royal Caribbean Cr (RCL) $266.49 -6.99%

TripAdvisor Inc. (TRIP) $9.33 -6.98%

Jefferies Financial Group Inc. (JEF) $36.02 -6.95%

Lamb Weston Holdings, Inc. (LW) $40.45 -6.88%

Nasdaq 100 - Risers

Sirius XM Holdings Inc (SIRI) $22.23 1.07%

Monster Beverage Corp (MNST) $76.99 0.97%

Hasbro Inc (HAS) $95.11 0.82%

Cintas Corp. (CTAS) $193.26 0.75%

Costco Wholesale Corp. (COST) $1,003.32 0.72%

Liberty Global plc Series C (LBTYK) $12.07 0.37%

JD.com, Inc. (JD) $27.94 0.14%

Dish Network Corp. (DISH) $0.00 0.00%

Fiserv Inc. (FI) $0.00 0.00%

Celgene Corp. (CELG) $0.00 0.00%

Nasdaq 100 - Fallers

DENTSPLY Sirona Inc. (XRAY) $11.80 -7.15%

J.B. Hunt Transport Services Inc. (JBHT) $201.13 -6.62%

Workday, Inc. (WDAY) $134.14 -6.24%

Illumina Inc. (ILMN) $115.56 -5.86%

Kraft Heinz Co. (KHC) $22.33 -5.50%

Qvc Group Inc Series A (QVCGA) $3.13 -5.44%

American Airlines Group (AAL) $10.55 -5.04%

Texas Instruments Inc (TXN) $190.05 -4.80%

Automatic Data Processing Inc. (ADP) $207.45 -4.74%

Paychex Inc. (PAYX) $91.67 -4.69%