The major indices open higher. S&P index looks toward it’s all time high closing level

The major US indices are trading higher at the start of the trading day. Retail sales were better than expectations. That might mean the Fed might lean toward a 25 basis points but it also means that the economy is not as bad as hoped.

The Dow industrial average closed at a record level yesterday and is extending that record today. The S&P all-time high close comes in at 5667.21. The high price has reached 5659.83 so far today. The NASDAQ index is up the most with a gain of 0.67% at the open, but remains well below its high closing level at 18647.45 (the high price today has reached 17744.69 so far).

A snapshot of the market five minutes into the open is showing:

• Dow industrial average +120.35 points or 0.29% at 41742.43.
• S&P index up 20.36 points or 0.36% at 5653.45.
• NASDAQ index up 112.36 points or 0.64% at 17704.48

The small Russell 2000 is up 17.93 points or 0.82% at 2207.10

Looking at some of the large-cap stocks (and others):

• NVidia is up 0.98%
• Meta is up 1.45%.
• Apple is down -0.38%. Analysts are saying that preorders of the new iPhone below expectations
• Amazon is up 1.88%
• Microsoft is up 1.62%. MSFT announced a 10% increase in its quarterly dividend and approved a new $60 billion stock buyback program.
• Tesla is up 2.32%

Intel announced a “slew of stuff” after close yesterday. It’s shares were up over 8% in premarket trading but is now up only 2.58% at $21.49.

This article was written by Greg Michalowski at www.forexlive.com.