DJIA up 0.24% (Il Sole 24 Ore Radiocor) - New York, 05 Jun - US shares opened higher after soft private payrolls data raised hopes an interest cut might be on the cards earlier than feared.

Private payrolls increased by 152,000 jobs in May with last month's rise being revised down 2% to 188,000, the ADP Employment report said. The headline number was well below forecasts for an increase of 175,000.

The ADP report comes a day after the Labor Department said job openings had fallen in April to the fewest in more than three years.

Strong labor market readings have stoked concern the Federal Reserve may have to keep interest rate cuts higher for longer as it strives to bring inflation down. The focus now shifts to key payrolls data on Friday.

Manufacturing has been hit hard by high interest rates aimed at taming inflation with many businesses choosing to delay investment cycles to conserve cash.

The market will be watching two non-manufacturing sector reports later today to see how the services industry is holding up.

On the stocks front, earnings from the likes of Campbell Soup, Dollar Tree, Lululemon and CostCo will offer fresh insight into the health of the consumer.

Shares in Hewlett Packard were up nearly 13% in early trade after the server and cloud-software company beat revenue forecasts, while cybersecurity company CrowdStrike rose 10% after it reported a jump in quarterly revenue.

Just after the opening bell the Dow Jones was up 92.43 points, or 0.24%, at 38,803.72, the S&P 500 was up 23.68 points, or 0.45%, at 5,315.02 while the Nasdaq was up 112.64 points, or 0.67%, at 16,969.69.

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(RADIOCOR) 05-06-24 15:39:49 (0494) 5 NNNN