DJIA down 0.19% (Il Sole 24 Ore Radiocor) - New York, 11 Jun - US shares opened lower as investors stuck to the sidelines ahead of key inflation data and a Federal Reserve meeting that could map out a trajectory for interest rate prospects.

The Fed is widely expected to keep interest rates steady when it makes its decision tomorrow but most eyes will be on the so-called 'dot plot' - a chart updated on a quarterly basis giving each Fed member's prediction on the trajectory of the federal funds rate.

At the start of the year many investors were betting on the Fed cutting its policy rate several times during the year.

But good economic growth and a resilient labor market have prompted many to dial back on expectations for the scale and number of cuts.

According to the CME's FedWatch tool, markets are currently factoring in a 52.6% chance of a first move in September.

Fed officials have repeatedly said they will not contemplate a monetary pivot until there is hard proof that inflation is firmly under control and falling towards its 2% target.

Tomorrow's consumer price index will be keenly watched for signs of easing pressure.

On the stocks front shares in Apple were up 1.8% in early trade a day after the iPhone giant unveiled a new AI system and announced it was partnering with ChatGPT. Eli Lilly shares were higher after it got a green light from the FDA for its new Alzheimer treatment.

Just after the opening bell the Dow Jones was down 72.33 points, or 0.19%, at 38,795.71, the S&P 500 was down 7.79 points, or 0.15%, at 5,353.00 while the Nasdaq was down 30.09 points, or 0.18%, at 17,162.44.

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(RADIOCOR) 11-06-24 15:45:49 (0442) 5 NNNN