US midday shares slightly higher after hot payrolls surprise
DJIA up 77.24 points (Il Sole 24 Ore Radiocor) - New York, 10 Jun - US shares were trading mostly lower at midday as investors rolled up their sleeves for a busy week that will bring key inflation data and a Federal Reserve monetary meeting.
Investors are cautious after last Friday's hotter-than-expected payrolls data that indicated the Fed may keep rates higher for longer to stamp out potential inflationary pressure.
At the end of its two-day meeting on Wednesday, the central bank is widely expected to leave rates unchanged but it will signal how many cuts it sees as likely this year in its so-called 'dot plot' - a chart updated on a quarterly basis giving each Fed member's prediction on the trajectory of the federal funds rate.
Fed officials have repeatedly said they will not contemplate a monetary pivot until there is hard proof inflation is firmly under control and falling towards its 2% target.
With that in mind a fresh round of inflationary data will be eagerly watched including May's all-important consumer price index due out on Wednesday.
On the stocks front, Nvidia shares were steady on the day the AI chipmaker's 10-for-1 stock deal kicks in while KKR, CrowdStrike and GoDaddy were all higher on news they will be joining the S&P 500 this month.
At 1610 GMT, the Dow Jones was losing 77.24 points, or 0.20%, at 38,721.41 points.
The S&P 500 was 1.49 points, or 0.02%, lower at 5,346.03 points.
The Nasdaq was up 29.28 points, or 0.17%, at 17,162.21 points.
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(RADIOCOR) 10-06-24 17:38:49 (0480) 5 NNNN