DJIA up 0.22% (Il Sole 24 Ore Radiocor) - New York, 12 Jul - US shares opened as investors digested a first round of big bank earnings and wholesale inflation that came in a tad higher than expected.

The producer price index for June rose 0.2% from the previous month and was up 2.6% from a year ago, both above analyst expectations of 0.1% and 2.3%. Core PPI, stripping out food, energy and transport, was unchanged on the month and up 3.1% on the year, roughly in line with forecasts.

Yesterday's consumer price reading came in cooler than expected, confirming a downward trend and raising expectations that interest rate cuts may now come as early as September.

According to the CME FedWatch Tool, the market is now pricing in a 91% chance the Fed cuts rates in September compared to a 75% chance just two days ago.

On the stocks front, shares in JPMorgan fell 2.2% in early trade after it reported a record profit but missed on net interest income. Citi shares were down nearly 1% despite a good performance in equity trading while Wells Fargo slid 7% after it reported second quarter interest income below expectations.

Just after the opening bell the Dow Jones was up 85.82 points, or 0.22%, at 39,839.57, the S&P 500 was up 7.49 points, or 0.13%, at 5,592.03 while the Nasdaq was up 23.58 points, or 0.13%, at 18,306.99.

AAA-Sje

(RADIOCOR) 12-07-24 15:39:16 (0412) 5 NNNN