US Stock Markets Today: Indices Open Higher After Lower-Than-Expected PPI Inflation
Tech stocks, including Tesla, Nvidia and Palantir, were among the key contributors to the early gains.
All the three main US stock market indices opened higher on Tuesday, with the broader index, S&P 500, rising 0.4% to 5,859.27 and the tech-heavy Nasdaq Composite climbed 0.6% to 19,207.75 at the opening bell.
The 30-stock Dow Jones Industrial Average also started 0.16% higher at 42,366.42.
The positive start for the Wall Street came in the backdrop of producer price index-based inflation coming in cooler than expected in the month of December. The PPI rose by 0.2% during the month, as per the data released shortly before the markets opened.
Nine out of the 11 sectoral indices advanced in early trade, led by the consumer discretionary, utilities and industrials sector.
Tesla Inc. contributed to early gains and rose as much as 4.8% apiece. Nvidia Corp. and Palantir Technologies Inc. shares rose as much as 2.36% and 5%, respectively.
Among other asset classes, the yield on 10-year US Treasury bonds was little changed at 4.79%.
The dollar index fell 0.3%. The euro slid 0.3% to $1.0271 and British pound declined 0.3% to $1.2169. The Japanese yen fell 0.2% to 157.72 per dollar.
In the commodities market, spot gold was trading 0.27% higher at $2,670.31 after the markets opened, whereas Brent crude, the global oil benchmark, declined 0.79% to $80.37 per barrel.
Bitcoin, the world's largest traded cryptocurrenc,y rose 2.9% to $96,880.45.
Before the US markets opened, its Asian peers settled on a mixed note. India’s NSE Nifty 50 gained 0.39%, Hong Kong’s Hang Seng index climbed 1.83%, and China’s Shanghai Composite surged 2.54%. However, Japan’s Nikkei 225 dropped 1.83%.
