Wall Street edged higher at open on Thursday, supported by incoming earnings and rise in AI-linked tech stocks like Micron Technology Inc., Nvidia Corp., and Advanced Micro Devices Inc.
The S&P 500 index opened 0.29% higher at 6,961.82, tech-heavy Nasdaq Composite rose 0.25% to 23,125.26, and Dow Jones Industrial Average opened 0.45% higher at 50,346.23.
As of 10:20 a.m. EST Nasdaq erased gains to trade 0.19% lower at 23,025.07, S&P traded 0.15% higher at 6,951.54, and Dow Jones traded 0.39% higher at 50,318.26.
Micron Tech traded nearly 7% higher at $437.65, Nvidia traded 1.07% at $192.02, and AMD traded 0.8% higher at $215.16. As of 10:25 a.m. EST Micron traded 3.61% higher, while Nvidia was trading 1% higher.
Besides this, McDonald's shares rose as high as 2% after its US sales grew at the fastest pace in more than two years.
Among the magnificent seven stocks, Apple Inc. traded 1.59% lower at $271.12, Microsoft Corp traded 0.80% lower at $401.20, Amazon.com Inc. traded 1.18% lower at $201.60, Tesla Inc. slipped 0.29% to trade at $427.50, Meta Platforms was trading 1.21% lower at $661.01, whereas only Google-parent Alphabet Inc. traded 0.34% higher at $312.02.
After the market opened, only three out of the 11 sectoral indices traded lower while eight traded higher. Gains were led by Real Estate and Industrials sector, while Information Technology and Communication Services sector.
Spot gold prices fell 0.52% lower at $5,058.24 an ounce. Similarly, crude oil prices also fell with the West Texas Intermediate trading 0.93% $64.03 a barrel and global benchmark Brent Crude trading 0.79% lower at $68.85 a barrel.
The Bloomberg Dollar Spot Index weakened against global currencies and fell 0.1%. The euro was little changed at $1.1880
While the British pound and Japanese Yen rose 0.2% and 0.1% to $1.3660 and 153.08 per dollar, respectively.
Bitcoin, the largest traded cryptocurrency, rose 0.3% to $67,946.59.
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