Nasdaq up 0.08% (Il Sole 24 Ore Radiocor) - New York, 06 Sep - US shares opened higher after a key jobs report came in softer than expected, buoying hopes of an interest rate cut this month.

Nonfarm payrolls grew by 142,000 in August, higher than the previous month but below a consensus of 161,000. At the same time, the unemployment rate eased back to 4.2% from last month's 4.3%.

The report comes hot on the heels of other data earlier this week pointing to a slowing labor market as economic growth stalls.

Several Federal Reserve policymakers have pointed to the labor market as a major cause for concern, signalling a cut in interest rates might be appropriate to support employment.

In comments today, New York Fed chief John Williams said the time had arrived to start cutting rates. 'With the economy now in equipoise and inflation on a path to 2 percent, it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate,' he said.

Investors are currently discounting a 25 basis point cut at the central bank's next monetary policy meeting this month but some are betting on a bigger 50 bp cut to boost the economy.

On the stocks front, shares in Broadcom were down 7.7% in early trade after the chip company gave disappointing revenue guidance while Smith & Wesson fell 11.8% as the gun manufacturer reported a quarterly loss.

Just after the opening bell the Dow Jones was up 1.06 points, or virtually unchanged, at 40,756.81, the S&P 500 was up 3.92 points, or 0.07%, at 5,507.33 while the Nasdaq was up 13.50 points, or 0.08%, at 17,141.16.

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(RADIOCOR) 06-09-24 15:46:00 (0475) 5 NNNN