DJIA up 263.88 points (Il Sole 24 Ore Radiocor) - New York, 29 Aug - US shares were trading higher at midday as investors pondered Nvidia's latest earnings and data pointing to a stronger economy and jobs market.

A second reading of Q2 GDP came in stronger than preliminary data at 3.0% from 2.8% while the latest weekly jobless claim report showed less people had filed for unemployment, underlining the resilience of the labour market.

The focus now shifts to tomorrow's PCE price index which could prove decisive in cementing of sinking growing hopes for a 50 basis point cut in interest rates September rather than just a quarter point.

Last week Fed chief Jerome Powell signalled the time was right for an interest rate cut, but did not say when or by how much.

Meanwhile AI bellwether Nvidia doubled revenues and profits in its latest quarter, released last night after market close. But expectations are high and its shares fell as slowing growth rates from last year and mounting challenges for its latest complex chips ended up stealing the day.

Nvidia is one of the most influential stocks on Wall Street with a total market value that has ballooned to more than 3 trillion dollars on the back of AI frenzy. The stock, which has risen more than 150% so far this year, was down more than 2.9%.

At 1519 GMT, the Dow Jones was gaining 263.88 points, or 0.64%, at 41,355.10 points.

The S&P 500 was 41.08 points, or 0.73%, higher at 5,633.26 points.

The Nasdaq was up 192.10 points, or 1.09%, at 17,747.40 points.

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(RADIOCOR) 29-08-24 17:22:08 (0444) 5 NNNN