DJIA up 0.16% (Il Sole 24 Ore Radiocor) - New York, 30 Aug - US shares opened higher after a key inflation report closely followed by the Federal Reserve came in broadly in line with expectations.

The personal consumption expenditures price index showed headline prices in July rose 0.2% from the previous month and 2.5% from a year earlier while the core index, stripping out food and energy prices, was up 0.2% and 2.6%.

The Fed keeps close tabs on the gauge but the July numbers, though slightly below expectations on the year, will do little to move the dial.

Last week Fed chief Jerome Powell signalled 'the time is right' for an interest rate cut and investors are betting on a 25, or even 50, basis point cut at the central bank's next monetary policy meeting in September as a dead cert.

Markets will be closed next Monday for Labor Day.

On the stocks front, shares in Dell Technologies were up more than 1% in early trade as the PC maker reported higher revenue and profit. Data analytics company Elastic NV slumped more than 25% after it cautioned on a slow start to its fiscal year while Lululemon Athletica was lower after cutting its outlook.

Just after the opening bell the Dow Jones was up 66.66 points, or 0.16%, at 41,401.71, the S&P 500 was up 25.25 points, or 0.45%, at 5,617.21 while the Nasdaq was up 160.25 points, or 0.83%, at 17,638.42.

AAA-Sje

(RADIOCOR) 30-08-24 15:44:06 (0428) 5 NNNN