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US stocks slip as sticky PCE data and Nvidia earnings weigh
The Dow edged down 0.1% and the S&P 500 dipped, while Meta shares jumped after the company agreed to settle a social media addiction trial for about $16.7 billion.
US stocks traded mostly flat on Wednesday as investors digested fresh inflation data and looked ahead to Nvidia earnings. The Dow Jones Industrial Average slipped 0.1%, the S&P 500 dipped below the flat line, and the Nasdaq Composite fell 0.1% after broad gains on Tuesday, according to Yahoo Finance.
Yahoo Finance also pointed to the Federal Reserve’s preferred inflation gauge, noting that the core Personal Consumption Expenditures Index rose 3.3% in July, matching expectations and holding steady versus the prior month. The report arrives ahead of the Fed’s Jackson Hole gathering this week, where Chairman Kevin Warsh is scheduled to speak.
In company news, Meta shares jumped in early trading after the company agreed to settle a social media addiction trial for roughly $16.7 billion. The case involved allegations from 29 states that Meta developed products to hook young users, misled consumers about safety, and improperly collected personal data, the outlet said.
Attention is now turning to Nvidia as the next major test for the artificial intelligence trade, with the stock set to report after the close. Separately, Yahoo Finance reported that Abercrombie & Fitch raised its guidance and its shares rose 13% after earnings, while LiveMint said US stock futures edged lower as investors tracked Nvidia’s results and the forthcoming PCE Price Index.
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