U.S. Stocks Open Higher as Investors Look to End Week on an Upbeat Note
2022.06.24 16:46
By Liz Moyer
Investing.com — U.S. stocks opened higher on Friday as investors tried to break a three-week losing streak and end on a positive note.
At 9:39 AM ET, the Dow Jones Industrial Average was up 253 points or 0.8%, while the S&P 500 was up 1% and the NASDAQ Composite was up 1.5%.
Investors have been concerned about a recession ahead as several Wall Street economists raise the odds of one happening sometime in the next 12 months. With the housing market showing signs of cooling, new home sales data for May is expected out at 10 AM ET. And Michigan consumer sentiment is also expected out then.
Shares of auto dealer CarMax Inc (NYSE:KMX) ticked up slightly after it beat earnings expectations despite a challenging environment.
FedEx Corporation (NYSE:FDX) shares jumped 7% after earnings beat estimates on higher rates and fuel surcharges, which overcame declining shipping volume. The logistics giant released an optimistic forecast for fiscal 2023.
Oil rebounded. Crude Oil WTI Futures was up 1.3%, to $105 a barrel, while Brent Oil Futurescrude was up 1.2% to $111 a barrel. Gold Futuresfell 0.1% to $1,827.
