DJIA up 0.14% (Il Sole 24 Ore Radiocor) - New York, 22 Aug - US shares opened higher as investors digested economic data ahead of a key speech by Federal Reserve Chair Jerome Powell that could affect rate cut bets.

Weekly jobless claims today rose slightly signalling the labor market is continuing to cool gradually. With inflation on the way down, the jobs market has now become a key component for the Fed in calibrating its monetary policy.

Earlier this week Minneapolis Fed President Neel Kashkari said an interest rate cut in September was a possibility with the jobs market starting to show signs of excess weakening.

The focus now shifts to Powell's appearance at the Jackson Hole Symposium tomorrow when investors will be keen to glean any change of tone on monetary policy.

The Fed has signalled in recent weeks it is ready to start cutting rates beginning with its next policy meeting in September but the focus is shifting to how fast and deep any move may be.

On the stocks front, shares in Peloton surged 17% in early trade after its fourth-quarter revenue beat estimates while shares in Paramount were higher after Edgar Bronfman sweetened his offer for National Amusements and a minority stake in the studio.

Ross Stores, Workday and Intuit are among companies report results after the market closes.

Just after the opening bell the Dow Jones was up 55.49 points, or 0.14%, at 40,890.49, the S&P 500 was up 15.83 points, or 0.28%, at 5,636.68 while the Nasdaq was up 82.45 points, or 0.53%, at 18,001.44.

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(RADIOCOR) 22-08-24 15:44:18 (0408) 5 NNNN