NEW YORK, Jan 9 — Wall Street stocks advanced early today, extending a positive trend ahead of key inflation data and corporate earnings later in the week.
Major indices jumped more than two percent on Friday following mixed economic figures that included still-solid job growth, but a moderation in wage inflation.
“The US economy looks like it’s going to have a soft landing and not a hard landing,” said Adam Sarhan of 50 Park Investments.
This week’s calendar includes the December consumer price index report that will be scrutinised for its implications for US monetary policy, as well as results from JPMorgan Chase and other banks.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 33,790.54.
The broad-based S&P 500 gained 0.7 percent to 3,923.39, while the tech-rich Nasdaq Composite Index climbed 1.3 percent to 10,703.70.
Among individual companies, Lululemon Athletica tumbled 10 percent as it said it now expects lower profit margins in the fourth quarter after earlier projecting an increase. The statement is the latest to show a drag from higher operating costs.
Macy’s dropped more than nine percent as it said net sales in the fourth quarter would be at the low end of its earlier predicted range.
The retailer expects consumers “will continue to be pressured in 2023, particularly in the first half.” — AFP
