DJIA down 376.21 points (Il Sole 24 Ore Radiocor) - New York, 30 Apr - US shares were trading lower after higher-than-expected wage data rekindled worries over inflation.

The employment cost index, a measure of wages for civilian workers, rose 1.2% in the first quarter, above market expectations for a 1% rise.

The data triggered a rise in Treasury yields, signalling more inflationary pressure, just one day ahead of the Federal Reserve's latest decision on interest rates.

Stubborn inflation as well as resilient economic growth have led traders to recalibrate expectations on the timing and size of rate cuts.

Markets are currently pricing in just one quarter-point cut this year compared to the 5 or 6 cuts that had been factored in at the start of the year.

Also on the data front, the Conference Board's US consumer confidence index unexpectedly fell to 97.0 in April from 103.1 in March, missing expectations for a reading of 104.0.

Sentiment was also undermined by McDonald's first-quarter results which missed expectations and pointed to an embattled US consumer. All eyes now turn to Amazon results which are due out after the closing bell together with those of Starbucks and AMD.

On the stocks front, shares in Tesla were down 4.5% after jumping 15% yesterday on news the electric vehicle maker had made progress in rolling out its self-driving technology in China.

At 1836 GMT, the Dow Jones was down 376.21 points, or 0.98%, at 38,009.79 points.

The S&P 500 was 46.12 points, or 0.90%, lower at 5,070.17 points.

The Nasdaq was losing 177.94 points, or 1.11%, at 15,805.34 points.

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(RADIOCOR) 30-04-24 19:44:07 (0837) 5 NNNN