DJIA up 0.50% (Il Sole 24 Ore Radiocor) - New York, 16 Jul - US shares opened higher as investors digested big bank earnings and data showing the US consumer remained resilient despite inflation and high borrowing costs.

Retail sales were unchanged in June compared to the previous month where there was an upward revision to 0.3%. The data were above expectations for a 0.3% fall signalling high interest rates are not deterring shoppers.

Bets are rising the Federal Reserve will cut interest rates in September in the wake of recent encouraging inflation and jobs data. Yesterday Federal Reserve chair Jerome Powell declined to set a timeframe for rate cuts but did say data on pricing pressures between April and June 'do add somewhat to confidence' that inflation will ease back to the Fed's target of 2%.

On the earnings front, Bank of America's second-quarter profits dropped but a good showing for net interest income sent its shares higher, up 1.8% in early trading. Morgan Stanley shares fell 1.4% after weakness in its key wealth business.

Away from the earnings, shares in online dating unit Match Group were up 5.6% after a report saying hedge fund Starboard Value had built a big stake.

Just after the opening bell the Dow Jones was up 199.26 points, or 0.50%, at 40,410.98, the S&P 500 was up 16.85 points, or 0.30%, at 5,648.07 while the Nasdaq was up 57.49 points, or 0.31%, at 18,530.06.

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(RADIOCOR) 16-07-24 15:43:03 (0514) 5 NNNN