NEW YORK — U.S. stocks are opening higher after more big companies delivered profit reports that topped analysts’ expectations. The S&P 500 rose 0.2% in early Wednesday trading. The Dow Jones Industrial Average added 110 points, or 0.3%, and the Nasdaq composite rose 0.2%. Target jumped after topping profit expectations for the spring. But Macy’s dropped after cutting its forecast for sales this year due in part to more discriminating shoppers.
Energy companies Arch Resources and Consol Energy announced Wednesday that they were combining in an all-stock merger, sending shares in each company up more than 3%. The combined company, Core Natural Resources, will be a leading producer and exporter of high-quality, low-cost coals, the companies said.
“We might get a read on how confident or otherwise the Fed is that inflation has been tamed, and from this, markets may project the size and scope of rate cuts we might expect to see,” said Tim Waterer, chief market analyst at KCM Trade.In Europe at midday, France's CAC 40 gained 0.5%, Germany's DAX rose 0.6% and Britain's FTSE 100 rose 0.3%.
In energy trading, benchmark U.S. crude added 19 cents to $73.36 a barrel. Brent crude, the international standard, picked up 23 cents to $77.43 a barrel.
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