NEW YORK — Stocks are opening higher on Wall Street to trim their losses for the week. The S&P 500 was up 0.7% in early trading Thursday, a day after swinging sharply when the Federal Reserve said it’s likely delaying cuts to interest rates, but not planning to raise them. The Dow Jones Industrial Average was up 224 points, and the Nasdaq composite was up 1%. Qualcomm rose after topping forecasts for profit and revenue in the latest quarter.
At the same time, Powell said it was unlikely that a rate hike was coming at the Fed's next policy meeting in June, calming fears swirling in the market. In premarket equities trading, DoorDash tumbled 11% after the food delivery app issued a profit forecast that came in below analyst targets. Investors also seemed concerned about rising costs for the company, which said it increased both marketing and research spending during the quarter.
Now that the Fed rate decision has passed, outside of corporate earnings investors will be focused on labor market data. Coming later Thursday is the government's latest weekly tally of layoffs, followed by its more comprehensive April jobs report on Friday.
Source: News Formal (newsformal.com)
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