US open: Stocks trade higher as traders digest earnings, manufacturing data

(Sharecast News) - Major indices traded higher early on Friday as markets participants strapped in for a new month of trading.

As of 1515 BST, the Dow Jones Industrial Average was up 0.27% at 49,787.27, while the S&P 500 advanced 0.48% to 7,243.97 and the Nasdaq Composite came out of the gate 0.63% firmer at 25,048.54.

The Dow opened 135.13 points higher on Friday, extending solid gains recorded in the previous session.

Tech giant Apple traded higher in early action after issuing a strongerthanexpected revenue outlook for the current quarter, alongside fiscal secondquarter earnings and sales that topped forecasts. Apple reported earnings per share of $2.01 each, ahead of the $1.95 expected, with revenue rising to $111.18bn versus consensus estimates of $109.66bn.

In terms of Friday's earnings, Exxon Mobil and Chevron posted sharply lower firstquarter profits despite the recent surge in crude prices driven by the US and Israel's conflicy with Iran, with America's two largest oil firms reporting steep yearonyear declines in earnings. Exxon's net income fell 45%, while Chevron's dropped 36%, though both companies still managed to beat Wall Street expectations.

ColgatePalmolive posted an 8.4% rise in firstquarter net sales to $5.3bn, slightly ahead of market expectations, while Moderna also beat forecasts for firstquarter revenue, supported by strongerthanexpected international demand for its Covid19 vaccine, and Est�e Lauder delivered betterthanexpected thirdquarter results, reporting adjusted earnings of $0.91 per share against consensus of $0.65 on revenues rose to $3.71bn, up 5% yearonyear and marginally above forecasts.

Elsewhere, Middle East tensions were in focus yet again, with oil prices falling after Iran reportedly sent its response to the latest US amendments to a draft agreement to end their conflict via Pakistani mediators. West Texas Intermediate futures fell 3.18% to $101.73 a barrel, while international benchmark Brent crude futures slid 1.49% to $108.76 a barrel.

On the macro front, the S&P Global manufacturing PMI was upwardly revised to 54.5 in April, up from the earlier flash reading of 54.0 and ahead of March's 52.3 print - marking the sector's strongest expansion since May 2022. New orders rose at the fastest pace in four years, even as exports fell for an eleventh straight month amid tariff pressures and the Middle East conflict, while output growth accelerated to its strongest level since April 2022, supported by stockpiling as firms moved to cushion rising price and supply pressures linked to the conflict.

Meanwhile, the Institute for Supply Management's manufacturing PMI held steady at 52.7 in April, matching March's level and remaining at its highest since August 2022, even though it came in just below market expectations for a slight expansion to 53.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $284.94 5.98%

Intel Corp. (INTC) $98.51 5.67%

Merck & Co. Inc. (MRK) $113.97 3.90%

Cisco Systems Inc. (CSCO) $92.42 2.95%

Salesforce.Com Inc. (CRM) $179.88 2.36%

Goldman Sachs Group Inc. (GS) $932.54 1.15%

Procter & Gamble Co. (PG) $148.84 1.09%

International Business Machines Corporation (CDI) (IBM) $232.76 1.07%

Travelers Company Inc. (TRV) $308.80 1.06%

Boeing Co. (BA) $230.57 0.99%

Dow Jones - Fallers

Amgen Inc. (AMGN) $332.98 -3.26%

Dow Chemical Co. (DOW) $39.65 -0.89%

Chevron Corp. (CVX) $190.75 -0.86%

Unitedhealth Group Inc. (UNH) $369.71 -0.62%

3M Co. (MMM) $145.87 -0.48%

Verizon Communications Inc. (VZ) $47.92 -0.41%

Johnson & Johnson (JNJ) $229.55 -0.30%

S&P 500 - Risers

Seagate Technology Plc (STX) $718.78 10.20%

Illumina Inc. (ILMN) $132.32 7.58%

Estee Lauder Co. Inc. (EL) $81.35 7.33%

Skyworks Solutions Inc. (SWKS) $68.24 6.85%

Apple Inc. (AAPL) $284.94 5.98%

Advanced Micro Devices Inc. (AMD) $354.63 5.83%

Intel Corp. (INTC) $98.51 5.67%

Charter Communications Inc. (CHTR) $171.73 5.59%

American International Group Inc. (AIG) $78.86 5.48%

Qorvo, Inc. (QRVO) $92.17 5.20%

S&P 500 - Fallers

Clorox Co. (CLX) $88.52 -7.99%

Resmed Inc. (RMD) $203.07 -4.80%

CH Robinson Worldwide Inc (CHRW) $179.38 -4.15%

Incyte Corp. (INCY) $95.96 -4.09%

FMC Corp. (FMC) $15.06 -3.67%

Nvidia Corp. (NVDA) $199.93 -3.52%

Occidental Petroleum Corp. (OXY) $58.07 -3.40%

Amgen Inc. (AMGN) $332.98 -3.26%

LyondellBasell Industries (LYB) $72.00 -3.21%

Bristol-Myers Squibb (BMY) $59.07 -3.10%

Nasdaq 100 - Risers

Seagate Technology Plc (STX) $717.02 10.20%

Illumina Inc. (ILMN) $132.19 7.58%

Skyworks Solutions Inc. (SWKS) $68.17 6.85%

Sirius XM Holdings Inc (SIRI) $27.26 6.61%

Apple Inc. (AAPL) $285.23 5.98%

Intel Corp. (INTC) $98.75 5.67%

Charter Communications Inc. (CHTR) $170.95 5.59%

Liberty Global plc Series A (LBTYA) $11.94 4.62%

Cadence Design Systems Inc. (CDNS) $336.17 4.52%

Liberty Global plc Series C (LBTYK) $11.65 4.35%

Nasdaq 100 - Fallers

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

Check Point Software Technologies Ltd. (CHKP) $115.43 -5.76%

Incyte Corp. (INCY) $96.32 -4.09%

Nvidia Corp. (NVDA) $200.18 -3.52%

Amgen Inc. (AMGN) $332.33 -3.26%

Biogen Inc (BIIB) $189.81 -2.18%

Cognizant Technology Solutions Corp. (CTSH) $53.07 -1.63%

Booking Holdings Inc. (BKNG) $171.37 -1.40%

Automatic Data Processing Inc. (ADP) $210.96 -1.35%

T-Mobile Us, Inc. (TMUS) $195.88 -1.10%