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Investing.com — U.S. stock markets opened higher on Wednesday, shrugging off a weaker-than-expected set of durable goods orders data as Tuesday’s dip attracted bargain-hunters.
By 9:45 AM ET (1345 GMT), the Dow Jones Industrial Average was up 244 points, or 0.8%, at 32,667 points. The S&P 500 was up 0.6% and the Nasdaq Composite was up 0.2%.
Earlier, the Commerce Department had said that durable goods orders fell 1.1% and core orders fell 0.9%, disappointing hopes for a more modest slowdown in growth.
Additionally, data from the Mortgage Bank Association showed that refinancings fell for the eight time in the last 10 weeks, under pressure from rising long-term interest rates. The 30-year mortgage rate rose another 8 basis points last week to 3.36% and is now up over half a percent from its January low.
Some of the most notable early moves came in chipmaking names, with Intel (NASDAQ:INTC) stock rising 1.3% after announcing a major capacity expansion in Arizona as part of CEO Pat Gelsinger’s new strategy. Taiwan Semiconductor Manufacturing (NYSE:TSM) stock was down 4% at the prospect of the former leader in the chip sector trying to regain its lost crown.
ADRs in ASML Holding (NASDAQ:ASML), the Dutch-based producer of chipmaking machines, rose 4.7% to their highest in a month.
