* Amazon jumps 11 pct after results beat estimates
* Inflation barely rises in March
* LinkedIn rises after increasing 2016 forecast
* Indexes down: Dow 0.29 pct, S&P 0.19 pct, Nasdaq 0.01 pct (Updates to open)
By Tanya Agrawal
April 29 (Reuters) - Wall Street opened lower as investors assessed earnings and data showed that U.S. inflation barely rose in March as consumer spending remains tepid.
The Commerce Department said the personal consumption expenditures price index, excluding the volatile food and energy components, edged up 0.1 percent last month after an upwardly revised 0.2 percent increase in February.
"I think we are looking at a cautious trading day as the poor earnings season finally catches up, though oil could help smoothen some of the declines," said Peter Cardillo, chief market economist at First Standard Financial in New York.
First-quarter earnings from S&P 500 components are expected to have fallen 6.1 percent from a year earlier, according to Thomson Reuters I/B/E/S. Of the 273 companies that have reported, 57 percent reported revenue above analyst expectations, compared with the long-term average 60 percent.
At 9:38 a.m. ET (1338 GMT) the Dow Jones industrial average was down 52.53 points, or 0.29 percent, at 17,778.23, the S&P 500 was down 3.91 points, or 0.19 percent, at 2,071.9 and the Nasdaq Composite was down 0.50 points, or 0.01 percent, at 4,804.79.
Seven of the 10 major S&P 500 sectors were lower with the health index's 0.85 percent fall leading the advancers.
Gilead Sciences fell 5.4 percent to $91.64 after reporting an 18 percent fall in first-quarter net profit.
Oil hit new highs earlier in the day and was poised for its biggest monthly gain in seven years as a weak dollar and falling U.S. production soothed concerns about an excess of physical oil.
The dollar index was down 0.4 percent at $93.38, its lowest level since August.
Stock markets around the world were in the red - with the yen rallying to an 18-month high, signaling a broader risk aversion among investors - a day after the Bank of Japan's call to cap monetary stimulus rattled investors.
Oil majors Chevron was down 0.7 percent at $101.78, while Exxon was up 1.8 percent at $89.60, after reporting results.
Shares of Amazon jumped 11 percent to $663.85 after the company's quarterly results blew past analysts' expectations.
LinkedIn was up 5.6 percent at $130 after the operator of the online network for professionals raised its 2016 revenue and profit forecast.
TiVo rose 6.2 percent to $10 after digital entertainment guide provider Rovi said it will buy the company in a deal valued at about $1.1 billion. Rovi was up 10.3 percent at $19.09.
Declining issues outnumbered advancing ones on the NYSE by 1,317 to 1,279. On the Nasdaq, 1,188 issues fell and 958 advanced.
The S&P 500 index showed 1 new 52-week high and 2 new lows, while the Nasdaq recorded 12 new highs and 9 new lows. (Additional reporting by Aastha Agnihotri in Bengaluru; Editing by Don Sebastian)