Wall St cautious ahead of key inflation data, Fed meeting
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Southwest jumps after Elliott reveals nearly $2 bln stake
Diamond Offshore rises on $1.59 bln acquisition deal from Noble
Apple slips ahead of developer conference
Indexes: Dow down 0.05%, S&P up 0.15%, Nasdaq up 0.33%
Updated at 11:54 a.m. ET/1554 GMT
By Lisa Pauline Mattackal and Johann M Cherian
June 10 (Reuters) - The S&P 500 and the Nasdaq turned higher, while the Dow was flat on Monday as investors remained wary ahead of a key inflation reading as well as a Federal Reserve meeting thisweek, which could provide clues on the central bank's policy-easing path.
The S&P 500 .SPX pared early declines, while gains in companies including Microsoft MSFT.O, Amazon.com AMZN.O and Broadcom AVGO.O helped the Nasdaq .IXIC trade slightly higher. Those shares rose between 0.8% and 2.5%.
In focus this week are the Consumer Price Index inflation report for May and the conclusion of the Fed's two-day policy meeting, both on Wednesday. The central bank, which will release updated economic and policy projections, is overwhelmingly expected to hold interest rates steady.
Markets dialed back expectations for rate cuts inSeptember after Friday's bumper jobs data for May, with the odds ofa reduction at 50%.
Expectations had risen as high as 69% last week. However, unemployment had ticked higher and household surveys showed signs of economic distress.
"We're probably going to see a little bit of volatility," said Jason Pride, chief of investment strategy and research at Glenmede.
"The employment report already created a 'choose your own adventure', and we suspect there may still be a little bit of confusion from the CPI report this week," Pride said.
Chipmaker NvidiaNVDA.O rose1.1% in choppy trading after a10-for-one stock split that went into effect after markets closed on Friday, giving rise to chatter about the chances of its inclusion in the blue-chip Dow.
Financials .SPSY was the worst performing sector, led by a 6.1% loss in regional lender Huntington Bancshares HBAN.O after the company forecast a greater decline in annual interest income than expected.
At 11:54 a.m. ET, the Dow Jones Industrial Average .DJI was down 19.65 points, or 0.05%, at 38,779.34, the S&P 500 .SPX was up 7.94 points, or 0.15%, at 5,354.93, and the Nasdaq Composite .IXIC was up 57.16 points, or 0.33%, at 17,190.29.
Apple <AAPL.O> slipped0.8% ahead of the iPhone maker'sannual developer conference for updates on how it is integrating artificial intelligence into its offerings.
Southwest Airlines LUV.N jumped 8.6% after activist investor Elliott Investment Management disclosed it hasbuilt up a$1.9 billion position in the company.
CrowdStrike CRWD.O, KKR & Co KKR.N and GoDaddy <GDDY.N> rose between 2.2% and10.5% after S&P Dow Jones Indices said the companies would be included in the S&P 500 .SPX as of June 24.
Diamond Offshore Drilling DO.Nadded 10.3% after oilfield services firm Noble NE.N said it wouldbuy the smaller rival in a $1.59 billion deal.
Meanwhile, videogame retailer GameStop GME.N reversed early gains to slump 12.7 %, after losing nearly 40% on Friday after stock influencer Keith Gill's return to YouTube failed to offset its announcement of a share sale.
Declining issues outnumbered advancers for a 1.25-to-1 ratio on the NYSE and for a 1.20-to-1 ratio on the Nasdaq.
The S&P index recorded 12 new 52-week highs and five new lows, while the Nasdaq recorded 42 new highs and 142 new lows.
Higher for longer? Higher for longer? https://tmsnrt.rs/41d2UWm
Reporting by Lisa Pauline Mattackal and Johann M Cherian in Bengaluru; Editing by Pooja Desai
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