Stocks finished a choppy session lower on Wednesday as investors digested July inflation data. The Dow snapped its three-day winning streak with a triple-digit loss, while the S&P 500 and Nasdaq closed quietly in the red as well. The latest PCE data showed inflation remained elevated in July, with headline prices rising 3.7% year over year, slightly more than anticipated, while the 3.3% annual core reading matched estimates.
Attention now turns to Nvidia's (NVDA) highly anticipated earnings report after the close, while investors are also looking ahead to Fed Chair Kevin Warsh's Jackson Hole symposium speech on Friday. Meanwhile, Iran's Revolutionary Guard said Tehran and Oman reached a revenue-sharing agreement regarding the Strait of Hormuz.
Oil Prices Steady Amid Tehran Talks
Crude prices remained mostly unchanged, as investors monitored progress between Oman and Tehran. September-dated West Texas Intermediate (WTI) oil slid 13 cents to settle at $82.23 per barrel.
Gold futures continued their journey lower, after inflation data came in supporting bets for a September rate hike. December-dated gold fell 0.9% to settle near $4,653.30.
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