DJIA up 0.02% (Il Sole 24 Ore Radiocor) - New York, 05 Jul - US shares opened after a key jobs report signalled the labor market was continuing to cool.

Nonfarm payrolls increased by 206,000 in June, above market expectations of 194,000 but less than the downwardly revised 218,000 seen in May. The unemployment rate meanwhile surprisingly rose to 4.1%, its highest rate since November 2021 and above consensus of 4.0%.

ADP jobs data released earlier this week pointed to slower private payrolls growth while weekly jobless claims came in above expectations. Both figures indicated the US's resilient labor market could finally be cooling.

Jobs are key to the debate about when the Federal Reserve can start cutting interest rates and whether it will be able to engineer a soft landing - taming inflation without triggering a recession.

In comments today New York Fed Bank President John Williams said the Fed had made good progress in bringing down inflation towards its 2% target rate but that there was still "a way" to go before completing the job, According to the CME FedWatch Tool, investors are pricing in a 74% chance the Fed cuts rates in September.

On the stocks front Macy's shares were up 9.9% in early trade after a report said an investor group was looking to buy the department-store chain had raised its offer a second time.

Just after the opening bell the Dow Jones was up 7.49 points, or 0.02%, at 39,315.49, the S&P 500 was up 2.06 points, or 0.04%, at 5,539.08 while the Nasdaq was up 9.01 points, or 0.05%, at 18,197.31.

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(RADIOCOR) 05-07-24 15:47:55 (0468) 5 NNNN