April 23rd, 2024

Stock market today: Wall Street opens higher, edging back toward records

By Yuri Kageyama And Matt Ott, The Associated Press on March 26, 2024.

NEW YORK (AP) – Stocks are opening higher on Wall Street. The S&P 500 rose 0.3% early Tuesday, coming off a listless performance where it edged a bit further from its all-time high set last week. The Dow Jones Industrial Average edged up 48 points, and the Nasdaq composite was up 0.5%. Krispy Kreme soared 20% after announcing a deal where McDonald’s restaurants will sell its doughnuts across the country by the end of 2026. Trump Media & Technology Group jumped 32%. It’s the first day of trading for the company under its new ticker symbol, DJT, which are the initials of former President Donald Trump.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Wall Street pointed higher in muted early trading Tuesday, with a sparse slate of earnings and economic indicators on tap during a holiday-shortened week.

Dow futures rose 0.2% before the bell Tuesday, while futures for the S&P 500 climbed 0.4%.

Outside of a handful of notable corporate earnings reports, investors will turn their attention to the latest reading on U.S. consumer confidence on Tuesday, followed by a consumer spending report on Friday that contains a measure of inflation that’s closely watched by Federal Reserve officials.

After standing pat for the fifth meeting in a row last week, most analysts are still betting on three rate cuts from the Fed this year as long as inflation continues to moderate.

Despite a string of recent reports that showed inflation remaining hotter than expected, the Federal Reserve seems to expect inflation to continue its longer-term cooling trend.

Economists are expecting that inflation as measured by personal consumption expenditures, or PCE, ticked up modestly in February.

UPS rose about 2% in premarket after the package delivery company issued a forecast that pleased investors. Ahead of its investor conference Tuesday, Atlanta-based UPS projected 2026 revenue between $108 billion and $114 billion.

Krispy Kreme jumped more than 20% after the donut chain announced an expanded partnership with McDonald’s. Krispy Kreme donuts will be on shelves in some McDonald’s locations as early as the second half of this year, with a national availability by the end of 2026.

Later Tuesday, original meme stock GameStop, the video game retailer, reports earnings. Cruise ship operator Carnival reports earnings on Wednesday followed by drug store chain Walgreen’s on Thursday. U.S. markets are closed for Good Friday.

In Europe at midday, France’s CAC 40 edged up nearly 0.3%, while Germany’s DAX added 0.7% and Britain’s FTSE 100 ticked up just 0.1%.

In Asia, Japan’s benchmark Nikkei 225, where computer chip-related issues had interested investors early, reversed course to be little changed, inching down less than 0.1% to finish at 40,398.03.

Australia’s S&P/ASX 200 fell 0.4% to 7,780.20. South Korea’s Kospi added 0.7% to 2,757.09. Hong Kong’s Hang Seng jumped 0.9% to 16,618.32, while the Shanghai Composite added 0.2% to 3,031.48.

Analysts have been watching various global uncertainties, including in the Middle East and Russia, that affect energy prices as well as investor sentiments.

An attack late last week at a concert hall in Moscow was claimed by the Islamic State group. Gaza was in focus with the U.N. Security Council issuing its first demand for a cease-fire. The U.S. abstained, angering Israel.

“Potential flares in oil prices on geopolitical tensions remained ever present,” said Tan Jing Yi at Mizuho Bank.

So far, energy markets have remained stable, with U.S. crude up 11 cents to $82.06 a barrel. Brent crude, the international standard, added 5 cents to $86.13 a barrel.

In currency trading, the U.S. dollar edged up to 151.44 Japanese yen from 151.41 yen. The euro cost $1.0854, up from $1.0840.

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