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Wall Street closes near flat after hotter-than-expected U.S. inflation print

Annual U.S. inflation rose 3.7% in the 12 months through July, keeping rate-hike odds elevated ahead of the Fed’s next scheduled meeting in September.

Reported · Written up by our desk · Equities

Wall Street’s main indexes closed nearly flat to slightly lower on Wednesday after a U.S. inflation report came in hotter than expected, while many investors held back ahead of major earnings later in the day, including Nvidia.

According to a Commerce Department release, annual U.S. inflation increased 3.7% in the 12 months through July, slightly above expectations, and separate data showed the economy grew 1.5% in the second quarter. The report added to uncertainty around the Federal Reserve’s policy outlook, with attention turning to Fed Chair Kevin Warsh’s Jackson Hole speech on Friday.

Traders are looking toward the Fed’s next scheduled meeting in September, with CME FedWatch putting the odds of a rate hike at 38.1%. The S&P 500 fell 0.01% to 7,676.29, the Nasdaq Composite slipped 0.06% to 26,136.18, and the Dow Jones Industrial Average declined 0.21% to 53,463.88.

Stocks were mixed into the earnings calendar, with Nvidia shares lower ahead of its quarterly update. CrowdStrike rose ahead of its second-quarter results after the closing bell, while Moderna fell after strong gains on Tuesday, and Meta rose and led gains among megacaps after it agreed to a deal described as part of the day’s market catalysts.

Latest closeS&P 500 7,675.70 ▼0.0%|Nasdaq Comp. 26,130.20 ▼0.1%|Dow Jones 53,463.88 ▼0.2%

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