U.S. equities drifted in a narrow band by midday Wednesday as investors refused to commit capital ahead of Nvidia Corp. (NASDAQ:NVDA)‘s after-the-bell results, while a hotter-than-forecast July inflation print revived talk of a September rate hike.
The Personal Consumption Expenditures (PCE) price index rose 0.2% month-over-month in July, matching forecasts of 0.1%, while the annual rate held at 3.7% versus expectations of 3.6%. Core PCE held at 3.3% year-over-year, still well north of the Federal Reserve’s 2% target.
Second-quarter GDP growth was confirmed at an annualized 1.5%, down from 2.1% in the first quarter.
Nasdaq 100, the weakest major benchmark, dropped 0.6% to 29,041.12 for a 168-point decline.
S&P 500 slipped 0.1% to 7,668.85, shedding roughly 8 points.
