DJIA down 58.52 points (Il Sole 24 Ore Radiocor) - New York, 26 Jun - US shares were trading mostly lower at midday as investors kept a watchful eye on AI titan Nvidia after its recent spate of losses.

The California-based chipmaker, which has boomed over the last year thanks to growing demand for chips that train and run generative AI models, rebounded yesterday to snap a three-day losing streak when it shed more than 13%.

But the stock was down 1.7% rekindling edginess about the possible creation of an AI bubble.

It has surged more than 1,000% since October 2022.

Investors will be closely monitoring Nvidia rival Micron Technology later to see how its quarterly earnings fare. The stock was flat in early trade.

On the data front, sales of new US homes in May fell 11.3% to a seasonally adjusted annual rate of 619,000 from April's revised rate of 698,000, while expectations were for sales of 636,000 units.

But most eyes are already shifting to the Federal Reserve's preferred gauge of inflation, the PCE Index, due out later this week.

On the stocks front, shares in Rivian were up 27.5% after Volkswagen said it intended to invest up to 5 billion dollars in the EV maker while FedEx shares rose 13% after delivering stronger-than-expected sales. General Mills dipped 4.6% after it reported a drop in quarterly sales.

At 1621 GMT, the Dow Jones was down 58.52 points, or 0.15%, at 39,053.64 points.

The S&P 500 was 8.01 points, or 0.15%, lower at 5,461.29 points.

The Nasdaq was gaining 21.86 points, or 0.11%, at 17,737.80 points.

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(RADIOCOR) 26-06-24 17:25:01 (0528) 5 NNNN