US open: Stocks mixed as traders digest tech earnings, macro data

(Sharecast News) - Wall Street trading got off to a mixed start on Thursday as the Dow Jones rebounded from the previous session's Feddriven decline, with investors turning their attention to a heavy slate of tech earnings and key economic data.

As of 1515 BST, the Dow Jones Industrial Average was up 0.72% at 49,212.62, while the S&P 500 advanced 0.06% to 7,140.28 and the Nasdaq Composite came out of the gate 0.21% weaker at 24,622.07.

The Dow opened 350.81 points higher on Thursday, reversing losses recorded in the previous session after the Federal Reserve opted to leave interest rates unchanged, holding its benchmark federal funds rate at 3.5-3.75% in a meeting that could potentially be Jerome Powell's last as chair.

While the decision was widely expected, with markets fully pricing in no change, the vote proved unusually divided, with the Federal Open Market Committee split 8-4 as policymakers differed over how to communicate the outlook for future policy moves.

Tech earnings were also firmly in focus early on Thursday, with Microsoft trading lower in early action, even as revenue grew 18% to $82.89bn and net income jumped from $25.82bn to $31.78bn, while Google parent company Alphabet posted first-quarter revenues that topped expectations on the back of its surging cloud business.

Amazon reported better-than-expected quarterly earnings and revenue as its cloud sales topped' expectations, while shares in Facebook parent company Meta headed south in early trading after the firm reported lower-than-expected capex and missed user growth targets.

As far as Thursday's earnings slate goes, Eli Lilly, Caterpillar and Merck all delivered strongerthanexpected firstquarter results on Thursday, with each company reporting earnings that topped forecasts on the back of robust product demand. Eli Lilly posted a sharp jump in revenue as sales of its weightloss drug Zepbound and diabetes treatment Mounjaro continued to surge, while Caterpillar reported higher profit driven by solid demand for its powergeneration and construction equipment, lifting its shares in early trade. Merck also beat expectations, supported by ongoing strength in its cancer immunotherapy Keytruda and contributions from newer medicines.

Still to come, Apple will report earnings after the closing bell.

Oil prices were also drawing an amount of investor attention at the open as they pulled back, with Brent slipping 3.24% to $114.20 per barrel and West Texas Intermediate heading 1.32% lower to $105.47 a barrel. Thursday's moves come after crude rose as tensions between the US and Iran remained elevated. The Wall Street Journal, citing US officials, reported that Donald Trump had instructed aides to prepare for an extended blockade of Iran, adding to geopolitical pressure in the market.

On the macro front, US consumers saw price pressures pick up in March as the conflict in Iran pushed oil sharply higher, adding to the Federal Reserve's interest rate policy woes. According to the Bureau of Economic Analysis, the core personal consumption expenditures price index, which strips out volatile fuel and grocery costs, rose 0.3% month-on-month, taking the annual rate to 3.2%. Headline PCE increased 0.7% on the month and 3.5% yearonyear, in line with expectations but still well above the central bank's 2% target.

Elsewhere, US economic growth accelerated in the first quarter, with preliminary figures showing GDP rising 2% as higher government spending and stronger domestic investment helped offset a slowdown in consumer demand. The Bureau of Economic Analysis' Q1 reading follows a 0.5% rise in the final quarter of 2025, when activity was held back by a sharp contraction in federal spending after largescale government layoffs. The advance estimate captures only the first month of the war, though its impact on energy markets has been immediate. Oil prices have surged in recent weeks, with Brent hitting $126 a barrel on Thursday as tensions around the Strait of Hormuz escalated.

On another note, personal income rose by 0.6% month-on-month in March, beating expectations of a 0.3% uptick, while personal spending rose by 0.9% month-on-month to $195.4bn, accelerating from an upwardly revised 0.6% increase in February and landing in line with market expectations.

Still on data, Americans lined up for unemployment benefits at a decelerated pace in the week ended 25 April, according to the Labor Department, dropping to the lowest reading since 1969. Initial jobless claims fell by 26,000 to 189,000, defying expectations for a print of 215,000. Continuing claims fell by 23,000 to 1.78m, their lowest reading in twelve months, while the four-week moving average, which aims to strip out week-to-week volatility, decreased by 3,500 to 211,000. Meanwhile, the advance seasonally adjusted insured unemployment rate was 1.2% for the week ended 18 April, unchanged from the previous week's unrevised rate.

Finally, the Chicago purchsing managers index fell to 49.2 in April, according to the Institute for Supply Management, down from 52.8 in March and below market estimates for a reading of 53.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Caterpillar Inc. (CAT) $877.06 8.32%

Intel Corp. (INTC) $92.53 7.32%

Cisco Systems Inc. (CSCO) $90.22 2.75%

Amgen Inc. (AMGN) $342.37 2.20%

Verizon Communications Inc. (VZ) $47.36 1.61%

Boeing Co. (BA) $225.88 0.88%

Home Depot Inc. (HD) $325.60 0.86%

Johnson & Johnson (JNJ) $229.10 0.74%

American Express Co. (AXP) $318.13 0.74%

Goldman Sachs Group Inc. (GS) $911.13 0.70%

Dow Jones - Fallers

Microsoft Corp. (MSFT) $409.80 -3.28%

Salesforce.Com Inc. (CRM) $176.71 -2.38%

Unitedhealth Group Inc. (UNH) $365.70 -1.36%

Nike Inc. (NKE) $43.79 -1.33%

Visa Inc. (V) $330.88 -1.06%

Merck & Co. Inc. (MRK) $110.20 -0.68%

Coca-Cola Co. (KO) $78.67 -0.34%

Dow Chemical Co. (DOW) $39.38 -0.33%

Chevron Corp. (CVX) $192.02 -0.10%

Procter & Gamble Co. (PG) $146.27 -0.09%

S&P 500 - Risers

Quanta Services Inc. (PWR) $706.76 12.28%

FMC Corp. (FMC) $16.13 10.10%

O'Reilly Automotive Inc. (ORLY) $99.79 9.95%

QUALCOMM Inc. (QCOM) $167.86 9.71%

Caterpillar Inc. (CAT) $877.06 8.32%

Intel Corp. (INTC) $92.53 7.32%

Royal Caribbean Cr (RCL) $272.95 7.08%

Iron Mountain Inc (New) (IRM) $123.10 6.74%

Altria Group Inc. (MO) $72.92 6.39%

Expedia Group Inc. (EXPE) $250.98 6.36%

S&P 500 - Fallers

Willis Towers Watson Public Limited Company (WTW) $253.02 -12.34%

Flowserve Corp. (FLS) $75.79 -9.75%

International Paper Co. (IP) $29.86 -9.65%

Meta Platforms Inc. (META) $605.16 -8.28%

KLA-Tencor Corp. (KLAC) $1,668.78 -7.12%

Teleflex Inc. (TFX) $125.89 -5.87%

Cardinal Health Inc. (CAH) $191.55 -5.55%

AFLAC Inc. (AFL) $110.03 -5.48%

Broadridge Fin Sol (BR) $151.59 -5.44%

Fortive Corporation (FTV) $58.52 -5.09%

Nasdaq 100 - Risers

O'Reilly Automotive Inc. (ORLY) $99.79 9.95%

QUALCOMM Inc. (QCOM) $167.86 9.71%

Intel Corp. (INTC) $92.53 7.32%

Expedia Group Inc. (EXPE) $250.98 6.36%

Alphabet Inc. Class A (GOOGL) $369.93 6.16%

Alphabet Inc. Class C (GOOG) $366.40 5.82%

Biogen Inc (BIIB) $191.27 4.83%

NetEase Inc. Ads (NTES) $115.42 4.71%

Skyworks Solutions Inc. (SWKS) $64.08 4.33%

Broadcom Inc. (AVGO) $416.24 4.01%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Check Point Software Technologies Ltd. (CHKP) $122.09 -11.79%

Meta Platforms Inc. (META) $605.16 -8.28%

KLA-Tencor Corp. (KLAC) $1,668.78 -7.12%

Align Technology Inc. (ALGN) $169.51 -4.27%

Henry Schein Inc. (HSIC) $73.05 -4.03%

Charter Communications Inc. (CHTR) $164.37 -3.37%

Microsoft Corp. (MSFT) $409.80 -3.28%

Seagate Technology Plc (STX) $660.10 -2.93%

eBay Inc. (EBAY) $98.84 -2.47%