(Il Sole 24 Ore Radiocor) - New York, 28 Aug - US shares were trading mostly lower at midday, with the tech sector weighing on the broader market, as investors keyed up for a crucial earnings report from AI bellwether Nvidia after market close.

The chip designer, which has risen almost 160% to date this year, is widely seen as a barometer for all things AI-related and has played a key role in driving indexes higher as AI frenzy rises.

Expectations are high today with analysts forecasting profit and sales in the latest quarter to have doubled on the same period last year. Nvidia shares were down 2.7%.

On the data front, investors are essentially on hold ahead of Friday's PCE price index which could prove decisive in cementing of sinking growing hopes for a 50 basis point cut in 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.

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(RADIOCOR) 28-08-24 19:41:45 (0541) 5 NNNN