Technology companies and banks helped power USA stocks to solid gains Wednesday, improving on the market's flat finish a day earlier. Energy stocks also rose as crude oil prices traded above $70 a barrel for the first time since November 2014. Stocks are opening slightly lower on Wall Street, Tuesday, May 8, 2018, as the market gives back some of the gains it made the day before.
The Dow Jones industrial average rose 2 points, or 0.01 percent, to 24,363.
The S&P energy index ended 0.18 percent higher, although it surrendered earlier stronger gains after U.S. President Donald Trump tweeted that on Tuesday he would announce his decision on whether to withdraw from the Iran nuclear deal. The Nasdaq Composite was up 51.67 points, or 0.70 percent, at 7,391.58.
A Labor Department report showed its consumer price index rose 0.2 percent, below the economists' expectation of 0.3 percent, as rising costs for gasoline and rental accommodation were tempered by a moderation in healthcare prices.
Starbucks (SBUX.O) rose 2.4 percent after Swiss food giant Nestle (NESN.S) said it would pay the world's biggest coffee chain $7.15 billion for the rights to sell its products around the world.
Investors have been anxious about a build up in price pressures and the pace of interest rate hikes, especially after a recent reading on inflation crossed the Federal Reserve's 2-percent target.
ENERGY: Oil prices fluctuated while Trump spoke, but trimmed some of their losses from earlier in the day after the announcement. The June natural gas contract was up eight cents at US$2.81 per mmBTU.
Walmart dropped 3.6 percent after it acquired a controlling stake in Indian e-commerce firm Flipkart for about $16 billion, the US retailer's biggest foreign investment.
Nvidia, which is set to report earnings after the closing bell on Thursday, was up 1.2 percent.
Roku jumped more than 7 percent after the TV streaming device maker reported a smaller-than-feared quarterly loss, while its revenue beat estimates. Shares rose higher in Singapore and Taiwan, but fell 1.9 percent in Indonesia after the government reported economic growth slowed in January-March.
The major USA stock indexes finished unevenly Tuesday after President Donald Trump said the US was withdrawing from a landmark nuclear deal with Iran.
Walmart (WMT.N) fell 4.9 percent after it acquired a controlling stake in Indian homegrown e-commerce firm Flipkart for about $16 billion, the USA retailer's biggest foreign investment. Copper was little changed at $3.06 a pound. Britain's FTSE 100 added 1.3 percent. Hong Kong's Hang Seng index rose 0.2 percent.
MARKETS OVERSEAS: In Europe, Germany's DAX added 0.9 percent, while the CAC 40 in France rose 0.2 percent. Australia's S&P/ASX 200 gained 0.3 percent.