Source: Sharecast
As of 1440 BST, the Dow Jones Industrial Average was down 0.05% at 44,088.26, while the S&P 500 advanced 0.07% to 6,303.77 and the Nasdaq Composite came out of the gate 0.15% firmer at 20,947.68.
The Dow opened 23.48 points lower on Wednesday, adding to losses recorded in the previous session after Donald Trump threatened to impose tariffs of as much as 250% on pharmaceuticals imported into the US, and the Institute for Supply Management's services PMI unexpectedly fell in July.
Tuesday's ISM services print went a long way to present as a fresh reminder of entrenched inflationary pressures across the US economy, with the 'prices paid' component surging to its highest mark since October 2022. When combined with a further slide in the employment index, the PMI has all but forced the Federal Reserve to lean dovish in the face of persistent price growth and weakening labour market fundamentals.
On Wednesday's macro slate, US mortgage applications rose by 3.1% in the week ended 1 August, according to the Mortgage Bankers Association, trimming the 3.8% decline from the prior week and marking the sharpest growth rate in almost a month. The rebound comes alongside a six-basis-point retreat in benchmark mortgage rates. Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, rose by 5.1%, while applications for a mortgage to purchase a new home rose by a more subdued 1.5%.
In the corporate space, Disney hiked FY profit forecasts after both streaming and parks outperformed, though linear TV declines weighed on shares, McDonald’s beat expectations as US sales rebounded on promotions, lifting same-store growth to its highest in nearly two years, while Uber posted strong revenue and trip growth, announced a $20bn buyback, and Shopify delivered a 31% surge in revenues and solid free cash flow, but also warned of rising loan losses and margin pressure.
Still to come, DoorDash and Airbnb earnings will be released after the close.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $251.00 4.16%
Dow Chemical Co. (DOW) $22.38 3.66%
Intel Corp. (INTC) $20.19 3.54%
3M Co. (MMM) $150.09 1.50%
Chevron Corp. (CVX) $153.04 1.32%
Home Depot Inc. (HD) $385.41 1.21%
Merck & Co. Inc. (MRK) $80.79 1.16%
Boeing Co. (BA) $224.86 1.13%
Travelers Company Inc. (TRV) $265.17 0.83%
Walgreens Boots Alliance, Inc. (WBA) $11.69 0.26%
Dow Jones - Fallers
Salesforce.Com Inc. (CRM) $247.49 -1.91%
McDonald's Corp. (MCD) $298.77 -1.79%
Microsoft Corp. (MSFT) $527.75 -1.47%
Cisco Systems Inc. (CSCO) $67.52 -1.42%
Visa Inc. (V) $337.43 -1.38%
JP Morgan Chase & Co. (JPM) $291.37 -0.98%
Walt Disney Co. (DIS) $118.32 -0.86%
Goldman Sachs Group Inc. (GS) $720.91 -0.71%
American Express Co. (AXP) $296.64 -0.65%
Verizon Communications Inc. (VZ) $42.67 -0.65%
S&P 500 - Risers
Broadridge Fin Sol (BR) $265.33 6.79%
Advance Auto Parts (AAP) $57.09 6.65%
Archer-Daniels-Midland Co. (ADM) $57.62 6.00%
Pfizer Inc. (PFE) $24.75 5.18%
Unitedhealth Group Inc. (UNH) $251.00 4.16%
Jacobs Solutions Inc. (J) $145.21 3.78%
Intel Corp. (INTC) $20.19 3.54%
Macerich Co (MAC) $17.10 3.51%
Sealed Air Corp. (SEE) $29.96 3.38%
American Airlines Group (AAL) $11.64 3.28%
S&P 500 - Fallers
Gartner Inc. (IT) $243.93 -27.55%
Vertex Pharmaceuticals Inc. (VRTX) $374.98 -20.60%
Transdigm Group Inc. (TDG) $1,416.94 -11.94%
Fidelity National Information Services Inc. (FIS) $72.22 -8.54%
Henry Schein Inc. (HSIC) $64.83 -7.41%
Eaton Corporation plc (ETN) $356.45 -7.36%
Idexx Laboratories Inc. (IDXX) $641.94 -5.98%
Ball Corp (BALL) $54.30 -5.75%
AES Corp. (AES) $12.73 -5.21%
ONEOK Inc. (OKE) $75.70 -5.17%
Nasdaq 100 - Risers
Intel Corp. (INTC) $20.19 3.54%
American Airlines Group (AAL) $11.64 3.28%
Biomarin Pharmaceutical Inc. (BMRN) $61.93 2.69%
PACCAR Inc. (PCAR) $98.20 1.93%
Charter Communications Inc. (CHTR) $265.98 1.62%
Texas Instruments Inc (TXN) $185.40 1.46%
Align Technology Inc. (ALGN) $139.65 1.36%
Micron Technology Inc. (MU) $109.06 1.20%
Liberty Global plc Series A (LBTYA) $11.01 1.10%
Liberty Global plc Series C (LBTYK) $11.21 1.08%
Nasdaq 100 - Fallers
Vertex Pharmaceuticals Inc. (VRTX) $374.98 -20.60%
Henry Schein Inc. (HSIC) $64.83 -7.41%
Idexx Laboratories Inc. (IDXX) $641.94 -5.98%
Qvc Group Inc Series A (QVCGA) $3.33 -4.03%
KLA-Tencor Corp. (KLAC) $883.41 -3.52%
Monster Beverage Corp (MNST) $59.04 -2.17%
Baidu Inc. (BIDU) $85.86 -2.03%
Applied Materials Inc. (AMAT) $179.15 -2.01%
Check Point Software Technologies Ltd. (CHKP) $188.90 -2.00%
Intuit Inc. (INTU) $769.27 -1.99%