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The S&P 500 and the Dow opened higher on Thursday after strong profit forecasts from companies such as Macy’s, while data confirmed the U.S. economy contracted in the first-quarter, quelling some worries about aggressive rate hikes.

The Dow Jones Industrial Average rose 127.89 points, or 0.40%, at the open to 32,248.17.

The S&P 500 opened higher by 5.87 points, or 0.15%, at 3,984.60, while the Nasdaq Composite dropped 24.90 points, or 0.22%, to 11,409.84 at the open.

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