DJIA up 50.52 points (Il Sole 24 Ore Radiocor) - New York, 27 Jun - US shares were trading little changed at midday after a barrage of economic data and a series of disappointing earnings reports.

Chip maker Micron Technologies reported an 82% rise in third quarter sales to top market estimates, giving an outlook essentially in line with forecasts. But that was not enough to beat artificial intelligence hype with many investors hoping for more as the AI frenzy drives up expectations.

Micron shares were down more than 6.7%, undermining sentiment across the sector with AI chip titan Nvidia down 2%.

On the data front, final GDP figures for the first quarter came in higher than expected, revised to 1.4% from the previous 1.3%. The weekly jobless claims meanwhile came in slightly slightly softer than expected.

While the pending home sales index in the US fell 2.1% month on month, missing expectations for a 0.6% increase.

All eyes now turn to key inflation data on tap tomorrow.

Stubborn inflation and a resilient labour market have prompted the Federal Reserve to put back moves to cut interest rates. Comments this week from Fed Governor Michelle Bowman that rates would have to be kept steady "for some time" and were "for future years" only served to darkenthe mood.

On the stocks front, shares in Levi Strauss sank 16.2% after the jeans maker disappointed on revenue while International Paper shares fell 7.8% after the Brazilian pulp and paper company Suzano dropped plans to buy it.

Nike is among companies due to report earnings later in the day.

At 1616 GMT, the Dow Jones was gaining 50.72 points, or 0.13%, at 39,178.52 points.

The S&P 500 was 0.26 points, or 0.00%, lower at 5,477.64 points.

The Nasdaq was up 19.63 points, or 0.13%, at 17,827.40 points.

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(RADIOCOR) 27-06-24 17:25:14 (0571) 5 NNNN