US stocks open steady amid anticipation of presidential debate

Stocks stabilized on Thursday after a series of mixed quarterly results weakened investor sentiment, as markets and the entire United States awaited the presidential debate between Joe Biden and Donald Trump.

According to CNBC, at the opening, the Dow Jones Industrial Average fell 42 points, or 0.1%. The S&P 500 index fell slightly, while the Nasdaq Composite added 0.1%.

In market action, shares of technology company Micron fell more than 5% after the chipmaker issued fourth-quarter revenue guidance in line with estimates.

The famous Levis stock fell 15% after the jeans maker’s latest quarterly revenue disappointed investors. Walgreens Pharmacy stock fell 21.1% after lowering its full-year forecast and issuing lower-than-expected earnings in the previous quarter.

Bank stocks were in the focus of attention after the US Federal Reserve announced on Wednesday that the largest US banks were able to withstand a severe recession scenario. Goldman Sachs and Bank of America shares fell more than 1% each.

The moves come as Wall Street awaits the latest inflation data on Friday with the release of the personal consumption expenditures price index for May. Investors hope that the report will show an easing of pricing pressures, which may enhance the possibility that the US Federal Reserve will cut interest rates later this year.

However, investors are deliberating whether AI trading can continue to support markets in the latter half of this year, or whether the rally will need to expand.