NEW YORK: Wall Street stocks climbed early Thursday, digesting mixed earnings from big US companies ahead of key employment market data.
Weekly US jobless claims inched higher in a move analysts said showed the US labor market remained on sound footing. Markets are looking ahead to Friday’s January jobs report.
US Treasury yields have retreated in recent days, boosting investor sentiment towards equities.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 44,928.49.
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The broad-based S&P 500 gained 0.3 percent to 6,079.03, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 19,737.08.
Among individual companies, Honeywell International fell 4.5 percent as the conglomerate announced it will separate its automation and aerospace business and split up into three publicly listed companies. The company had previously announced plans to spin off its advanced materials unit.
Ford slumped 5.8 percent despite reporting better than expected earnings. The company issued a disappointing 2025 forecast based on a weaker outlook for car prices, while alluding to uncertainty surrounding the Trump administration’s trade stance and policies on electric vehicles.
Eli Lilly gained 2.0 percent as the drugmaker announced a $15 billions share repurchase program and a 15 percent increase in its dividend, pointing to higher sales for diabetes drug Mounjaro.
Source: Brecorder
