US stock market indices were trading little changed on Wednesday, as investors reacted to the July US inflation data which indicated that inflation was still at high levels.
The long awaited July US inflation data saw a 0.2% monthly increase in the core PCE index, bringing its annual rate to 3.3%. With consumer spending stalling after strong gains in May and June, the Federal Reserve now sees more leeway to keep interest rates steady.
US Treasury yields were flat after the PCE report was released.
Minutes into trade, the Dow Jones Industrial Average was down by 0.08% or 41.58 points to 53,535.82 while, the S&P 500 saw a 0.10% increase by 7.96 points to 7,685.24, the Nasdaq Composite was up by 0.06% by 14.57 points to 26,165.87.
The price of oil also saw a decline with Brent crude trading at a 0.97% downturn at $86.42 per barrel at 7:25 p.m. IST.
Meta Platforms, which had reached a settlement of $16.68 billion to end a federal trial and resolves claims brought forth by 29 US states that its social media platforms were deliberately designed to induce addictive behaviours in children, harming their mental health.
The stock was up by 0.74% or 4.21 points to trade at $574.26.
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Nvidia is also expected to release its financial data with regards to its earnings for the second quarter of fiscal 2027. The company’s results are expected to influence the direction of the broader US market as it is the biggest S&P 500 member with a market cap of $5 trillion.
The shares of the company were down 0.60% or 1.27 points to trade at $211.78.