Open: Dow leads as Nasdaq slips in mixed early trade
JPMorgan advanced while technology shares lagged shortly after Friday's opening bell, with small-cap stocks broadly flat.
U.S. stocks opened mixed Friday, Oct. 16, with the Dow proxy outperforming in early trade. The SPDR Dow Jones Industrial Average ETF (DIA) rose 0.73% to $525.00, while the S&P 500 ETF (SPY) edged down 0.04% to $771.48. The Nasdaq 100 ETF (QQQ) fell 0.97% to $720.91, and the Russell 2000 ETF (IWM) was nearly unchanged, up 0.01% at $275.12.
JPMorgan Chase gained 2.01% to $342.28, standing out among the largest companies. Apple rose 0.64% to $344.19 and Exxon Mobil added 0.61% to $175.75. Nvidia slipped 0.49% to $216.16, while Microsoft lost 0.42% to $537.16.
Among mid-caps, Celsius Holdings climbed 3.34% to $29.10, while IonQ dropped 4.10% to $32.94. Small-cap Aehr Test Systems fell 3.45% to $66.82; Plug Power and Intuitive Machines declined 1.01% and 1.04%, respectively. Micro-cap ClearSign Technologies jumped 6.94% to $2.62, contrasting with a 3.82% decline in Duos Technologies to $5.54.
Energy and geopolitical developments featured in the morning's headlines. Reuters reported that Iran was shipping some LPG and jet fuel despite the U.S. blockade, and that the U.K. watchdog was moving to protect the energy market from wholesale price swings. Separately, Reuters reported that the U.S. Treasury said Japan no longer faced a deflationary environment and that the yen's level must change.
The next test in trading is whether the Dow's early strength broadens or the Nasdaq's weakness deepens, with small-caps offering little direction so far. JPMorgan's advance and the divergent moves in Celsius, IonQ and ClearSign bear watching as the session develops. Further energy and Middle East headlines will also be in focus.