S&P up slightly, Nasdaq outperforms, Dow modestly red
Tech leads sector gainers; Healthcare weakest group
Wholesale sales for June up 0.3% vs 0.1% est
Euro STOXX 600 index up ~0.9%
Dollar, gold rise; bitcoin gains ~1%; crude slips
U.S. 10-Year Treasury yield ~flat at ~4.22%
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WALL STREET INDEXES RISE WITH A SWIRL OF DATA, EARNINGS, TARIFF NEWS
The Nasdaq composite .IXIC and S&P 500 .SPX are on the plus side early on Thursday with technology stocks among the biggest boosts as investors eye the latest U.S. trade pronouncements and digest the day's economic data and corporate news. After an intial push higher, the Dow .DJI is posting a modest decline.
Chip stocks .SOX are getting a boost after U.S. President Donald Trump announced a tariff of about 100% on imports of semiconductors. He said it would not apply to companies that are manufacturing in the U.S. or have committed to do so.
Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, raising the average U.S. import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal.
On the data front, the number of Americans filing new applications for unemployment benefits ticked up to the highest level in a month last week as job creation is weakening and it is taking laid-off workers longer to find new jobs.
Still executives from Procter & Gamble PG.N, Coca-Cola KO.N and Chipotle Mexican Grill CMG.N said that lower-income U.S. households are cutting back on eating out, travel and pantry staples like diapers, soda and beer, as U.S. tariffs on imports are set to push prices even higher.
In earnings, Airbnb ABNB.O forecast slower growth in the second half of the year, disappointing investors expecting a rebound in travel demand after strong outlooks from major travel firms. The report is sending its shares down about 7%. However, shares in DoorDash DASH.O are rising 1% after it topped revenue estimates and forecast a stronger-than-expected gross merchandise value for the current quarter. Its shares are jumping 4.9%.
Among the S&P 500's 11 major industry sector indexes, technology .SPLRCT is leading gains, up 1%, while healthcare is the weakest group, down 1.6%, as shares of Eli Lilly LLY.N are tumbling 14.4% after it said results in a late-stage trial of its experimental weight loss drug lagged trial results for Novo Nordisk's NOVOb.CO injectable obesity treatment Wegovy.
Here is your early trading snapshot from about 10:28 a.m ET/ 1428 GMT
(Sinéad Carew)
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EARLIER ON LIVE MARKETS:
DOW INDUSTRIALS: SETTING UP FOR ANOTHER RUN AT THE WALL? CLICK HERE
"EARNINGS RULE": WHY MARKETS ARE BRUSHING OFF TRADE TENSIONS CLICK HERE
INSURERS AT NEW PEAK, RUSSIAN PLAYS UP, DEFENCE DOWN CLICK HERE
BEFORE THE BELL: TARIFFS, CHIPS AND EARNINGS CLICK HERE
SPLIT BANK OF ENGLAND SET TO CUT RATES CLICK HERE
Nasdaq outperforms S&P https://fingfx.thomsonreuters.com/gfx/mkt/lgpdaxweqvo/Pasted%20image%201754576764308.png
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