The S&P 500 finished nearly unchanged on Wednesday as investors assessed the latest inflation data, which showed that price pressures remain elevated.
The broad market index closed near the flatline at 7,675.70, while the Nasdaq Composite slipped 0.08% to 26,130.20. The Dow Jones Industrial Average fell 113.52 points, or 0.21%, ending the session at 53,463.88.
Meta shares gained 1% after the company reached a settlement with state attorneys general over allegations that its social media platforms harmed young users.
Meanwhile, the latest Personal Consumption Expenditures (PCE) price index, a key inflation measure closely monitored by the Federal Reserve, showed that inflation remained elevated in July. The headline reading came in slightly above expectations, while core PCE, which excludes food and energy prices, matched forecasts.
The bond market also remained in focus. U.S. Treasury yields were little changed on Wednesday following a sharp decline in the previous session. Last week, yields had climbed to multiyear highs, with the 30-year Treasury yield reaching levels not seen in nearly two decades.
Nvidia Earnings and Jackson Hole in Focus
Investors are now turning their attention to Nvidia’s second-quarter earnings, scheduled for release after the market close on Wednesday. Wall Street expects the chipmaker to report earnings of $2.09 per share on revenue of $92.28 billion, according to FactSet.
Given Nvidia’s position as the largest company in the S&P 500, its results could have a significant impact on broader market sentiment, particularly in the technology sector.
Markets are also looking ahead to Federal Reserve Chairman Kevin Warsh’s speech on Friday at the Fed’s annual Jackson Hole symposium in Wyoming. However, investors may receive limited guidance on monetary policy ahead of the Federal Reserve’s upcoming September interest-rate decision.
