DJIA down 0.09% (Il Sole 24 Ore Radiocor) - New York, 20 Aug - US shares opened lower after their longest winning streak this year driven by growing optimism the Federal Reserve may be able to make deeper interest rate cuts than expected.

The market has rebounded from stiff losses incurred earlier this month with the benchmark S&P 500 index posting 8 straight days of gains to data. Recent economic data has helped buoy hopes for a more concerted monetary pivot by the Fed to underpin growth and jobs as inflation steadies.

Yesterday Minneapolis Fed President Neel Kashkari said a rate cut next month was a possibility with the labor market starting to show signs of cooling too fast while Mary Daly, president of the San Francisco Fed, said recent economic data had given her 'more confidence' inflation was under control.

Ahead of the Fed's next policy meeting in September the focus this week is on the Jackson Hole Economic Symposium starting Thursday, with Fed Chair Jerome Powell down to speak on Friday.

In the past the Symposium has been an occasion for the Fed to make some big policy announcements.

On the stocks front, shares in Palo Alto rose 6% in early trade after it beat earnings and guidance estimates while Lowe's was 0.6% lower after the home improvement retailer lowered its profit outlook for the year.

Just after the opening bell the Dow Jones was down 37.91 points, or 0.09%, at 40,858.62, the S&P 500 was down 5.42 points, or 0.10%, at 5,602.83 while the Nasdaq was down 28.12 points, or 0.16%, at 17,848.65.

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(RADIOCOR) 20-08-24 15:42:10 (0354) 5 NNNN