DJIA up 0.36% (Il Sole 24 Ore Radiocor) - New York, 18 Apr - US shares opened higher as the earnings season marches on amid ongoing uncertainty over prospects for interest rate cuts.

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.

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 data 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.

Strong results from Taiwan semiconductor group TSMC meanwhile pointed to how AI is driving demand for advanced chips. TSMC is the world's largest producer of advanced processors and counts companies such as Nvidia and Apple as its clients.

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.

Just after the opening bell the Dow Jones was up 135.23 points, or 0.36%, at 37,888.54, the S&P 500 was up 12.83 points, or 0.26%, at 5,035.04 while the Nasdaq was up 32.29 points, or 0.21%, at 15,715.66.

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(RADIOCOR) 18-04-24 15:48:13 (0516) 5 NNNN