Stocks Inch Ahead as Investors Look to Trump Speech
By Caitlin Ostroff
U.S. shares opened slightly higher, following global stocks'
lead Tuesday, while the microchip sector rallied on a brighter
The S&P 500 rose less than 0.1% in the opening minutes of
trading in New York, while the Dow Jones Industrial Average added
20 points and the Nasdaq Composite Index advanced 0.1%. Earlier,
the Stoxx Europe 600 rose 0.2% and the U.K.'s FTSE 100 edged up
In premarket trading, shares of Advance Auto Parts dipped 6.5%
after the retailer trimmed its 2019 sales guidance. Rockwell
Automation climbed 11% after the Milwaukee-based industrial
technology company beat forecasts for its adjusted profit. fell
5.9% after the food company posted fourth-quarter earnings and
sales that missed estimates.
Shares of Portland-based brewing company Craft Brew Alliance
soared 122% in off-hours trading after Anheuser-Busch offered to
buy the remaining shares of the company Monday.
In Europe, German chip maker Infineon Technologies shares gained
6.1% after it reported a rise in fourth-quarter profit despite
macroeconomic uncertainty and weakening global auto demand. Shares
in U.K. chip specialist Dialog Semiconductor and Netherlands-based
ASM International also rose.
Investors will look to President Trump's speech at the Economic
Club of New York later today for clues on U.S. trade policy.
"There's cautious optimism that we will get some fairly positive
outlooks from President Trump," said Michael Hewson, chief market
analyst at CMC Markets. He said markets are hopeful that no tariffs
will be placed against European auto makers and are watching to see
whether Mr. Trump goes forward with tariffs on Chinese goods, set
to go into effect on Dec. 15.
Stocks traded up in Asia, where the Hang Seng rose 0.5% amid
ongoing pro-democracy demonstrations. The Shanghai Composite gained
0.2% and Japan's Nikkei 225 climbed 0.8%.
The yield on the 10-year U.S. Treasury climbed slightly to
1.936% from 1.930% after the long weekend. Bond markets were closed
Monday. Yields rise when prices fall.
In currencies, the British pound fell 0.1% against the U.S.
dollar, paring back some gains made Monday after Nigel Farage's
Brexit Party said it won't contest Conservative-held seats in the
December election, decreasing the likelihood of a hung
Write to Caitlin Ostroff at email@example.com
(END) Dow Jones Newswires
November 12, 2019 09:47 ET (14:47 GMT)
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