Source: Sharecast
As of 1440 BST, the Dow Jones Industrial Average was up just 0.03% at 46,030.06, while the S&P 500 advanced 0.44% to 6,629.13 and the Nasdaq Composite came out of the gate 0.78% firmer at 22,435.81.
The Dow opened 11.74 points higher on Thursday, extending gains recorded in the previous session after the Federal Reserve voted to lower interest rates by one-quarter of a percentage point, and signalled a further two cuts before the end of the year.
However, FOMC chairman Jerome Powell tempered expectations for a prolonged rate-cutting cycle, describing the latest move as "risk management" rather than the start of an aggressive easing path. Policymakers now anticipate making two additional cuts in 2025, but only one in 2026, falling short of market expectations for as many as three reductions next year.
On the macro front, Americans lined up for unemployment benefits at a decelerated pace last week, according to fresh data from the Department of Labor, after hitting the highest level for initial claims since October 2021 a week earlier. Initial jobless claims dropped by 33,000 to a seasonally adjusted 231,000 in the week ended 13 September, better than consensus forecasts of a smaller decrease to 240,000, while continuing claims, which track those still receiving benefits, dropped by 7,000 to 1.92m, better than the increase to 1.95m expected by economists. The four-week moving average, which aims to strip out week-to-week volatility, came to 240,000, down by 750 from the previous week's upwardly revised print. The insured unemployment rate held steady at 1.3%.
Elsewhere, manufacturing activity in the Philadelphia region rebounded sharply in September, with the Fed's regional index rising to +23.2 from -0.3 in August — its strongest reading since January and well ahead of consensus forecasts for a modest uptick to 2.3. According to the Philadelphia Federal Reserve, the new orders index climbed 14 points to 12.4, while the shipments index jumped 22 points to 26.1, signalling renewed momentum across the sector. Employment conditions were broadly stable, continuing to reflect modest gains, while both price indexes eased slightly but remained elevated.
In the corporate space, Cracker Barrel shares fell in early action after the restaurant chain missed fourth-quarter earnings forecasts at $0.74 per share. Revenues, however, beat expectations at $868m, versus a consensus of $855m.
Still to come, FedEx and Lennar will report earnings after the close.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
American Express Co. (AXP) $335.90 2.74%
Caterpillar Inc. (CAT) $450.01 2.27%
Visa Inc. (V) $346.03 1.81%
Procter & Gamble Co. (PG) $160.15 1.44%
Salesforce.Com Inc. (CRM) $242.21 1.21%
Coca-Cola Co. (KO) $67.04 1.21%
Travelers Company Inc. (TRV) $274.88 1.13%
Goldman Sachs Group Inc. (GS) $793.73 1.11%
Verizon Communications Inc. (VZ) $44.16 1.07%
Cisco Systems Inc. (CSCO) $67.72 0.95%
Dow Jones - Fallers
Microsoft Corp. (MSFT) $510.02 -1.25%
Home Depot Inc. (HD) $417.00 -1.06%
3M Co. (MMM) $154.99 -0.86%
Intel Corp. (INTC) $24.90 -0.74%
Amgen Inc. (AMGN) $274.71 -0.65%
Nike Inc. (NKE) $72.32 -0.60%
Boeing Co. (BA) $214.63 -0.18%
Merck & Co. Inc. (MRK) $81.11 0.06%
S&P 500 - Risers
Hologic Inc. (HOLX) $68.20 6.65%
Nektar Therapeutics (NKTR) $51.07 4.53%
Apache Corp. (APA) $24.16 3.80%
Kohls Corp. (KSS) $17.24 3.54%
Monster Beverage Corp (MNST) $66.52 3.36%
Charter Communications Inc. (CHTR) $268.02 3.08%
Diamondback Energy Inc. (FANG) $140.47 2.95%
Paypal Holdings Inc (PYPL) $68.62 2.93%
Microchip Technology Inc. (MCHP) $65.78 2.89%
Applied Materials Inc. (AMAT) $178.13 2.87%
S&P 500 - Fallers
Sl Green Realty Corp. (SLG) $61.66 -6.01%
Broadcom Inc. (AVGO) $346.17 -4.59%
Helmerich & Payne Inc. (HP) $20.84 -4.27%
Whirlpool Corp. (WHR) $86.44 -4.26%
Mohawk Inds Inc. (MHK) $131.48 -4.01%
Nvidia Corp. (NVDA) $170.29 -3.74%
Lamb Weston Holdings, Inc. (LW) $55.63 -3.62%
Boston Properties Inc. (BXP) $76.49 -3.17%
National Oilwell Varco Inc. (NOV) $12.90 -2.93%
United Rentals Inc. (URI) $931.01 -2.88%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $137.83 16.77%
Hologic Inc. (HOLX) $68.20 6.65%
Workday, Inc. (WDAY) $234.88 5.94%
JD.com, Inc. (JD) $35.24 5.26%
Qvc Group Inc Series A (QVCGA) $12.97 4.94%
Mercadolibre Inc. (MELI) $2,446.32 4.12%
Monster Beverage Corp (MNST) $66.52 3.36%
Charter Communications Inc. (CHTR) $268.02 3.08%
Paypal Holdings Inc (PYPL) $68.62 2.93%
Microchip Technology Inc. (MCHP) $65.78 2.89%
Nasdaq 100 - Fallers
Broadcom Inc. (AVGO) $346.17 -4.59%
Nvidia Corp. (NVDA) $170.29 -3.74%
Hasbro Inc (HAS) $73.92 -2.76%
Verisk Analytics Inc. (VRSK) $249.69 -2.39%
Henry Schein Inc. (HSIC) $67.37 -2.37%
O'Reilly Automotive Inc. (ORLY) $104.55 -1.98%
J.B. Hunt Transport Services Inc. (JBHT) $134.52 -1.86%
Align Technology Inc. (ALGN) $129.44 -1.86%
Vertex Pharmaceuticals Inc. (VRTX) $387.15 -1.57%
Western Digital Corp. (WDC) $100.94 -1.57%
