NEW YORK: Wall Street stocks opened moderately higher early Tuesday, pivoting from Monday’s retreat ahead of key bank earnings and consumer price data.
After joining most overseas markets in retreating Monday, major US indices were back in positive territory despite lingering worries over inflation and recession risk.
Besides new consumer price data, this week’s schedule includes results from Delta Air Lines, and JPMorgan Chase and other banks.
“We expect an unusually volatile earnings season for single stocks,” said a note from Goldman Sachs. “While stocks have drifted lower in recent months due to valuation pressures catalyzed by higher interest rates, we expect earnings beats/misses to be increasingly relevant this quarter as growth slows.”
About five minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 31,213.13.
The broad-based S&P 500 edged up 0.3 percent to 3,864.27, while the tech-rich Nasdaq Composite Index climbed 0.7 percent to 11,451.99.
Among individual companies, PepsiCo edged up 0.1 after reporting a drop in second-quarter profit to $1.4 billion, despite a 5.2 percent rise in revenues in results that topped estimates as it contended with rising cost pressures.