(Sharecast News) - Major indices were in the green early on Thursday following wholesale inflation figures from the Bureau of Labor Statistics.
As of 1545 BST, the Dow Jones Industrial Average was up 0.06% at 42,891.46, while the S&P 500 advanced 0.28% to 6,039.06 and the Nasdaq Composite came out of the gate 0.24% firmer at 19,662.85.
The Dow opened 25.69 points higher on Thursday as attention shifted from a cooler-than-expected May consumer price index reading to last month's producer price index.
Thursday's primary focus was set to be May's producer price index, which revealed US producer prices ticked up 0.1% month-on-month in May, according to the Bureau of Labor Statistics, following an upwardly revised 0.2% drop in April and below expectations of a 0.2% increase. Prices for goods increased 0.2%, while prices for services edged up 0.1%.
On an annualised basis, producer prices increased 2.6%, in line with expectations, following April's upwardly revised 2.5% increase. Core producer prices increased 0.1%, below forecasts of a 0.3% increase, while the annual core rate slowed to 3% from 3.2%, versus expectations of 3.1%.
Market participants were also looking out for further updates on trade talks between the US and China after officials struck a "framework" agreement in London earlier in the week, with the deal now awaiting approval from Donald Trump and Chinese president Xi Jinping.
Tensions between the US and Iran were also drawing an amount of investor attention at the open after Trump expressed concerns that the two nations would be able to strike a nuclear deal.
Elsewhere on the macro front, Americans lined up for unemployment benefits at a steady pace in the week ended 7 June, according to the Department of Labor. Initial jobless claims came to 248,000, in line with the previous week's upwardly revised rate and versus expectations of a drop to 240,000. Elsewhere, continuing claims jumped by 54,000 to 1.95m, while the four-week moving average, which aims to strip out week-to-week volatility, came in at 240,250, up by 5,000 when compared to the previous week's reading.
In the corporate space, Oracle shares were higher in early trading after posting Q4 results that beat on both the top and bottom lines and guided to further cloud revenue growth, while Boeing shares traded lower following the crash of a London-bound 787-8 Dreamliner carrying 242 people shortly after takeoff from Ahmedabad in India.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $316.68 1.97%
Merck & Co. Inc. (MRK) $81.62 1.62%
Cisco Systems Inc. (CSCO) $65.07 1.37%
Microsoft Corp. (MSFT) $478.48 1.24%
Amgen Inc. (AMGN) $295.03 1.10%
Travelers Company Inc. (TRV) $264.13 1.09%
Home Depot Inc. (HD) $363.26 0.78%
Salesforce.Com Inc. (CRM) $267.48 0.59%
International Business Machines Corporation (CDI) (IBM) $282.58 0.38%
Procter & Gamble Co. (PG) $162.52 0.25%
Dow Jones - Fallers
Boeing Co. (BA) $204.41 -4.48%
Dow Chemical Co. (DOW) $30.08 -1.94%
Walmart Inc. (WMT) $94.28 -1.59%
3M Co. (MMM) $144.84 -1.59%
Verizon Communications Inc. (VZ) $43.13 -1.41%
Walt Disney Co. (DIS) $118.52 -0.84%
Nike Inc. (NKE) $62.67 -0.70%
Caterpillar Inc. (CAT) $361.24 -0.52%
American Express Co. (AXP) $297.58 -0.51%
Coca-Cola Co. (KO) $71.80 -0.37%
S&P 500 - Risers
Oracle Corp. (ORCL) $202.11 14.59%
Cardinal Health Inc. (CAH) $159.65 3.98%
Newmont Corporation (NEM) $55.29 3.71%
Arista Networks Inc. (ANET) $96.99 2.95%
Gen Digital Inc. (GEN) $30.14 2.38%
Lockheed Martin Corp. (LMT) $466.51 2.17%
Unitedhealth Group Inc. (UNH) $316.68 1.97%
Cencora Inc (COR) $292.27 1.96%
CBRE Group Inc (CBRE) $136.04 1.65%
Vulcan Materials Co. (VMC) $265.43 1.65%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $9.09 -4.82%
Boeing Co. (BA) $204.41 -4.48%
United Airlines Holdings Inc (UAL) $75.90 -3.47%
Gap Inc. (GAP) $21.58 -3.47%
American Airlines Group (AAL) $10.74 -2.92%
Albemarle Corp. (ALB) $63.20 -2.89%
Southwest Airlines Co. (LUV) $32.62 -2.61%
Norwegian Cruise Line Holdings Ltd (NCLH) $18.65 -2.28%
Under Armour Inc. Class A (UAA) $6.86 -2.21%
Ross Stores Inc. (ROST) $133.45 -2.16%
Nasdaq 100 - Risers
Gen Digital Inc. (GEN) $30.14 2.38%
Vodafone Group Plc ADS (VOD) $10.02 2.24%
Cisco Systems Inc. (CSCO) $65.07 1.37%
Microsoft Corp. (MSFT) $478.48 1.24%
Monster Beverage Corp (MNST) $63.31 1.15%
Vertex Pharmaceuticals Inc. (VRTX) $457.49 1.12%
Amgen Inc. (AMGN) $295.03 1.10%
Tesla Inc (TSLA) $329.86 1.05%
Broadcom Inc. (AVGO) $255.48 1.02%
Nvidia Corp. (NVDA) $144.22 0.97%
Nasdaq 100 - Fallers
Sirius XM Holdings Inc (SIRI) $21.89 -3.10%
American Airlines Group (AAL) $10.74 -2.92%
Ross Stores Inc. (ROST) $133.45 -2.16%
Microchip Technology Inc. (MCHP) $68.23 -1.97%
Align Technology Inc. (ALGN) $182.06 -1.84%
Intuitive Surgical Inc. (ISRG) $513.98 -1.61%
Qvc Group Inc Series A (QVCGA) $3.05 -1.61%
Wynn Resorts Ltd. (WYNN) $86.42 -1.26%
Liberty Global plc Series C (LBTYK) $10.18 -1.02%
Starbucks Corp. (SBUX) $94.44 -1.00%
34.29 (0.39%)
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