(Reuters)

The S&P 500 and the Nasdaq opened higher on Friday after data showing a rise in the unemployment rate and moderation in wage gains boosted expectations that the Federal Reserve could begin cutting interest rates by the middle of this year.

The Dow Jones Industrial Average fell 14.55 points, or 0.04%, at the open to 38,776.80. The S&P 500 opened higher by 7.10 points, or 0.14%, at 5,164.46, while the Nasdaq Composite gained 48.73 points, or 0.30%, to 16,322.10 at the opening bell.