NEW YORK, Jan 12 — Stocks on Wall Street advanced in early trading today, as multiple US companies including JPMorgan Chase and Delta Air Lines reported earnings results for the final quarter of 2023.
Investors were also digesting a small, unexpected decline in US wholesale prices, providing limited optimism for traders betting on US Federal Reserve interest rate cuts in the coming months.
Around 10 minutes into trading, the Dow Jones Industrial Average was up 0.3 per cent at 37,808.01, while the broad-based S&P 500 was trading 0.4 per cent higher at 4,800.98.
The tech-rich Nasdaq Composite Index was also up around 0.4 per cent at 15,032.82.
The recent “outperformance” of US macro data “have made it less likely that the Federal Reserve would cut interest rates in March,” Convera global macro strategist Boris Kovacevic wrote in a note to clients.
He added that, while the latest employment and consumer inflation data releases had been ambiguous, “the strong headline numbers will be enough for policy makers to push back against market pricing.”
Among individual companies, Delta Air Lines stock fell more than seven per cent after cutting its earnings forecast, spurring its rival United Airlines’s share price to tumble more than six per cent as well.
And US banking giant JPMorgan saw its stock jump 1.8 per cent after reporting higher revenues, while Bank of America’s share price fell around 0.7 per cent after its earnings came in lower than expected. — AFP
