(Sharecast News) - Major indices were mixed early on Wednesday as market participants thumbed over a closely watched inflation report and digested US-China trade headlines.
As of 1440 BST, the Dow Jones Industrial Average was down 0.11% at 42,820.93, while the S&P 500 advanced 0.04% to 6,041.40 and the Nasdaq Composite came out of the gate 0.15% firmer at 19,744.45.
The Dow opened 45.94 points lower on Wednesday, taking a bite out of gains recorded in the previous session after US and Chinese officials were said to have reached a "framework" trade agreement in London.
Donald Trump said the deal with China was "done, subject to final approval with President Xi and me". He added that "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%."
As part of the deal, Trump said that magnets and "any necessary rare earths" would be supplied up front by China, while the White House will allow Chinese students to attend US colleges and universities. He stated that the prospect of opening up China to American trade was "a great WIN for both countries".
Outside of trade headlines, consumer price inflation increased slightly less than expected in May, according to the Bureau of Labor Statistics, up 0.1% month-on-month to hit a new all-time high of 321.47 points. Economists were calling for a 0.2% month-on-month increase. The index for shelter was up 0.3% month-on-month, while the energy index declined 1%.
On an annualised basis, inflation picked up for the first time in four months, hitting 2.4% in May, up from 2.3% in April, but below expectations of 2.5%. Core CPI, which strips out volatile food and energy prices, was 2.80% higher year-on-year.
Elsewhere on the macro front, US mortgage applications surged 12.5% in the week ended 6 June, according to the Mortgage Bankers Association, following the prior week's 3.9% decline. Applications to purchase a home advanced 10.3%, while those to refinance a mortgage shot up 15.6%. The weekly growth comes even as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $806,500 or less increased by one basis point to move back to 6.93%.
Still to come, the Federal Government's May budget statement will be published at 1900 BST.
In the corporate space, Oracle will report earnings on Wednesday evening.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $22.08 7.81%
Dow Chemical Co. (DOW) $30.70 4.46%
Nike Inc. (NKE) $63.87 3.17%
Walt Disney Co. (DIS) $118.73 2.65%
Merck & Co. Inc. (MRK) $81.35 2.55%
Chevron Corp. (CVX) $143.35 1.84%
International Business Machines Corporation (CDI) (IBM) $276.24 1.53%
Amgen Inc. (AMGN) $293.43 1.19%
Visa Inc. (V) $370.70 1.10%
Verizon Communications Inc. (VZ) $44.13 1.10%
Dow Jones - Fallers
Travelers Company Inc. (TRV) $263.00 -1.79%
Salesforce.Com Inc. (CRM) $268.22 -1.48%
McDonald's Corp. (MCD) $300.43 -1.43%
Cisco Systems Inc. (CSCO) $65.15 -1.14%
Boeing Co. (BA) $215.73 -0.82%
American Express Co. (AXP) $299.52 -0.68%
Microsoft Corp. (MSFT) $470.92 -0.39%
Walmart Inc. (WMT) $97.32 -0.13%
Dowdupont Inc. (DWDP) $0.00 0.00%
Caterpillar Inc. (CAT) $358.57 0.14%
S&P 500 - Risers
Nektar Therapeutics (NKTR) $11.35 29.12%
Intel Corp. (INTC) $22.08 7.81%
Helmerich & Payne Inc. (HP) $18.88 7.21%
Perrigo Company plc (PRGO) $27.60 5.46%
Kohls Corp. (KSS) $9.40 4.33%
Eli Lilly and Company (LLY) $807.19 4.33%
Celanese Corp. (CE) $59.36 4.31%
Schlumberger Ltd. (SLB) $35.52 4.10%
Whirlpool Corp. (WHR) $87.98 4.02%
Leggett & Platt Inc. (LEG) $9.62 4.00%
S&P 500 - Fallers
O'Reilly Automotive Inc. (ORLY) $91.71 -93.20%
J. M. Smucker Co. (SJM) $94.41 -15.59%
NRG Energy Inc. (NRG) $148.68 -4.11%
General Electric Co. (GE) $242.00 -3.74%
Arista Networks Inc. (ANET) $93.70 -3.20%
Universal Health Services Inc. (UHS) $172.67 -2.87%
Gilead Sciences Inc. (GILD) $110.09 -2.58%
H&R Block Inc. (HRB) $54.96 -2.22%
Allstate Corp (The) (ALL) $196.40 -2.18%
Progressive Corp. (PGR) $265.49 -2.15%
Nasdaq 100 - Risers
Qvc Group Inc Series A (QVCGA) $3.39 16.10%
Intel Corp. (INTC) $22.08 7.81%
Tesla Inc (TSLA) $326.09 5.67%
Liberty Global plc Series A (LBTYA) $9.98 4.07%
Liberty Global plc Series C (LBTYK) $10.22 3.97%
Align Technology Inc. (ALGN) $188.07 3.95%
Sirius XM Holdings Inc (SIRI) $22.81 3.68%
Illumina Inc. (ILMN) $87.98 3.53%
KLA-Tencor Corp. (KLAC) $856.59 3.29%
Charter Communications Inc. (CHTR) $406.77 3.09%
Nasdaq 100 - Fallers
O'Reilly Automotive Inc. (ORLY) $91.71 -93.20%
Gilead Sciences Inc. (GILD) $110.09 -2.58%
Mercadolibre Inc. (MELI) $2,396.44 -2.13%
Western Digital Corp. (WDC) $55.95 -1.88%
Netflix Inc. (NFLX) $1,203.62 -1.70%
Seagate Technology Plc (STX) $127.99 -1.67%
Ross Stores Inc. (ROST) $140.08 -1.46%
Expedia Group Inc. (EXPE) $174.06 -1.45%
Baidu Inc. (BIDU) $87.49 -1.32%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $462.21 -1.30%
34.29 (0.39%)
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