DJIA up 0.84% (Il Sole 24 Ore Radiocor) - New York, 18 Apr - US shares were higher midday as the market looked to bounce back from recent losses amid another rush of earnings.

Wall Street ended lower yesterday as the S&P 500 and Nasdaq both racked up their fourth straight day of losses, dragged down by weakness in the tech sector.

As geopolitical tension in the Middle East eases for the time being investors are looking to see how companies are faring against a backdrop of high borrowing costs as hopes for early rate cuts fade.

Stubborn inflation has strengthened convictions the Federal Reserve will hold off longer than expected in pivoting on monetary policy while dialling down the number of cuts it makes in the year.

The CME Group's FedWatch Tool is currently pricing in a chance of just 17% for a Fed rate cut at its June meeting with September now seen as the most likely date for a first move.

On the data front, the latest jobless data came slightly below expectations pointing to a still tight labour market while existing home sales fell to post their biggest drop in 16 months.

On the earnings front strong results from Taiwan semiconductor group TSMC pointed to how AI is driving demand for advanced chips, lifting peers like Nvidia and AMD which were both up more than 1%.

Netflix is due to report its earnings after the closing bell.

With more than 10% of S&P 500 companies having already reported earnings, over 70% have beaten expectations, according to FactSet.

At 1519 GMT, the Dow Jones was up 318.08 points, or 0.84%, at 38,071.39 points.

The S&P 500 was 33.04 points, or 0.66%, higher at 5,055.25 points.

The Nasdaq was up 95.56 points, or 0.61%, at 15,778.94 points.

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(RADIOCOR) 18-04-24 17:21:46 (0582) 5 NNNN