By Geoffrey Smith
Investing.com — U.S. stock markets opened a tad higher on Wednesday but participants were largely content to sit on the sidelines with one eye on Hurricane Laura as it bears down on the Gulf of Mexico coast, and the other on the Federal Reserve’s keenly-awaited symposium on Thursday.
The market was given a modest boost by the only major economic data of the day, as rose 11.2% in July, much more than the 4.3% rise expected. Even when adjusted for volatile defense and aviation items, rose 2.4% on the month, beating expectations for a 2.0% rise.
By 9:35 AM ET, the was down 38 points, or 0.1%, at 28,810 points. The was up 0.1% and the was up 0.6%.
The Nasdaq in particular was helped by strength in software stocks, after Salesforce (NYSE:) reported much better-than-expected results for the latest quarter after the closing bell on Tuesday. Salesforce stock rose 17.9%, for once overshadowing the likes of Apple (NASDAQ:) and Tesla (NASDAQ:) stock, which rose 1.6% and 2.0%, respectively.
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