US: S&P 500, Nasdaq open higher on soft inflation data, chip boost

THE Nasdaq and S&P 500 rose on Thursday (Jun 13), led by a jump in chip stocks, after lower-than-forecast producer inflation data fanned expectations of interest rate cuts from the Federal Reserve.

The S&P 500 opened higher by 20.90 points, or 0.39 per cent, at 5,441.93, while the Nasdaq Composite gained 106.83 points, or 0.61 per cent, to 17,715.27 at the opening bell.

The Dow Jones Industrial Average fell 35.09 points, or 0.09 per cent, at the open to 38,677.12. REUTERS