US open: Small gains at the open following record highs in previous session
Friday trading on Wall Street kicked-off with some small gains following a record session the day before in which both the Dow and the S&P rose to fresh highs on the back of a strong showing from the technology sector.
At 1525 BST, the Dow Jones Industrial was up 0.23% to 26,719.12, while the S&P 500 was 0.26% ahead at 2,983.33 and the Nasdaq was 0.16% firmer at 8,040.82.
Connor Campbell, a financial analyst at SpreadEx, said: "For the Dow Jones, it could only add 40 or so points after the bell. Still, that was enough for the index to cross 26700, a record high for an index that has climbed and climbed since the start of July despite the unpleasant – but, in the eyes of investors, not as bad as it potentially could be – diplomatic and economic relationship between the US and China."
Sentiment on Thursday was underpinned by some solid economic data, as jobless claims and the Philadelphia Fed's manufacturing index came in ahead of forecasts, while an index of leading economic indicators signalled that the US economy could grow by 3% in the second half of this year.
CMC Markets analyst David Madden said: "The Dow Jones and S&P 500 hit all-time highs yesterday as fears surrounding the US-China trade standoff subsided. The tariffs that were announced by both sides during the week were deemed to be not as harsh as originally suspected.
"The US, in particular, showed restraint, but that was partially so the Trump administration would have more ammunition should they feel it is required down the line. Now that the latest series of tariffs are out of the way, investors fell back into their bullish routine."
In corporate news, Micron Technology was down 2.73% in early trade after its quarterly results late on Thursday were solid but the company's outlook was weaker-than-expected.
Elsewhere, Wells Fargo was up 0.32% after announcing late on Thursday that it could cut jobs as part of its "ongoing transformation".
Adobe Systems ticked up 0.060% following the bell as it announced an agreement to buy software maker Marketo for $4.8bn, while Medtronic dipped 0.092% after agreeing to buy Mazor Robotics for $1.64bn.
Shares in Comcast and Walt Disney were down 0.17% and 0.48%, respectively, ahead of an auction for London-listed broadcaster Sky, the outcome of which will be announced on Saturday.
On the data front, IHS Markit's Manufacturing PMI improved to 55.6 in September, the highest reading for the index since May and ahead of consensus estimates for a reading of 55.
"The seasonally adjusted IHS Markit Flash US Manufacturing Purchasing Managers' Index pointed to a robust improvement in business conditions across the manufacturing sector during September," the IHS Markit said on Friday.
On the service sector, the seasonally adjusted IHS Markit Flash US Services PMI Business Activity Index dropped to 52.9 in September, from 54.8 in August, signalling the weakest expansion of service sector output since March 2017.
The Composite Purchasing Managers' index also fell to 53.4 in September - a 17- month low.