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Stocks open a bit higher on Wall Street, still down for year

By The Associated Press
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Stocks are opening modestly higher on Wall Street, potentially setting the S&P 500 up for a third gain in a row after what has been a weak start to the year. The benchmark index was up 0.3% in the early going Thursday. It’s still down slightly since the beginning of the year. Technology stocks were doing better than the rest of the market, and the Nasdaq was up 0.4%. Small-company stocks were also doing well. The Dow Jones Industrial Average was up 0.3%. Crude oil prices were little changed and Treasury yields were holding steady. Overseas markets were mixed.

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

BANGKOK (AP) — Shares were mostly lower in Asia on Thursday after the latest report of surging prices in the U.S. appeared to keep the Federal Reserve on track to raise interest rates in coming months.

London, Paris, Tokyo and Shanghai were lower while Sydney and Hong Kong advanced.

Surging coronavirus cases have been raising uncertainty about the pace of recovery from the pandemic.

Britain and Germany have endured severe waves of the highly contagious omicron variant of coronavirus. France is at the epicenter of Europe’s current fight against COVID-19, with new infections topping 360,000 a day in recent days.

Germany's DAX fell 0.2% to 15,973.58 while the CAC 40 in Paris sank 0.6% to 7,196.23. In Britain, the FTSE 100 lost 0.3% to 7,533.13. On Wall Street, the futures for the S&P 500 and for the Dow industrials were down less than 0.1%.

In Asia, the omicron variant has swept across Australia and is gaining ground in other countries despite high vaccination rates, mask requirements and strict border policies. Japan reported more than 13,000 new infections on Wednesday, the highest level in four months. China, whose zero-COVID policies are being challenged by outbreaks just weeks ahead of the Beijing Winter Games, is testing and in some cases locking down entire cities.

Tokyo's Nikkei 225 index dropped 1% to 28,489.13, while the Shanghai Composite shed 1.2% to 3,555.26. In Seoul, the Kospi lost 0.4% to 2,962.09.

The Hang Seng in Hong Kong edged 0.1% higher, to 24,429.77 and the S&P/ASX 200 in Australia added 0.5% to 7,474.40. India's Sensex edged 0.1% lower.

Taiwan's benchmark rose 0.3% after TSMC, the world's largest contract manufacturer of computer chips, reported a record quarterly profit of just over $6 billion.

The yield on the 10-year Treasury was steady at 1.74%.

Apart from the direct impact from big coronavirus outbreaks on normal business activity, spill over effects on manufacturing and shipping could further hinder a rebound from the past two years of disruptions.

“So far, the market’s reaction to the omicron wave has been moderate, but it is worth paying attention to worries about further impacts to global supply chains which could trigger risk-off trade," Anderson Alves of ActivTtrades said in a report.

On Wednesday, the S&P 500 rose 0.3%; the Dow Jones Industrial Average eked out a 0.1% gain and the Nasdaq composite rose 0.2%. The Russell 2000 index fell 0.8%.

Investors were focused on a report from the Labor Department, which showed consumer prices jumped 7% last month. That's the fastest year-over-year pace in the consumer price index in nearly four decades. The sharp increase, which was in line with economists' forecasts, came a day after Fed Chair Jerome Powell told Congress that the central bank stands ready to raise rates to fight inflation.

Wall Street has been closely watching rising inflation to gauge the impact on businesses and consumers, as well as on the Fed's plan to trim its support for the economy and markets.

Businesses in many industries have been passing higher costs off to consumers, but have been warning that they will still feel a financial impact because of higher prices and supply chain problems.

Wall Street will get another update on rising inflation on Thursday, when the Labor Department releases December results from an index based on U.S. wholesale prices. It shows how inflation is affecting costs for businesses.

Investors also are closely watching the latest round of earnings to see how companies are dealing with inflation.

Delta Air Lines reports its results on Thursday. Citigroup, JPMorgan Chase and Wells Fargo report results on Friday.

In other trading Thursday, U.S. benchmark crude oil lost 19 cents to $82.45 per barrel in electronic trading on the New York Mercantile Exchange. It gained $1.42 to $82.64 per barrel on Wednesday.

Brent crude, the basis for pricing international oils, lost 15 cents to $84.52 per barrel.

The U.S. dollar fell to 114.58 Japanese yen from 114.64 yen. The euro rose to $1.1469 from $1.1444.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
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