US Stocks Drift Amid Inflation Concerns, Oil Prices Continue Downward Trend
The US stock market is experiencing a drift following a report indicating inflation and economic growth have been slightly worse than expected. The S&P 500 dipped by 0.1% on Wednesday, while the Dow Jones Industrial Average fell by 7 points. Meanwhile, oil prices continued to drop, with Brent crude falling 2.4% to $85.17 a barrel.
The inflation report, which measures personal consumption expenditures, showed that inflation has remained above 3% since early this year, exceeding the Federal Reserve's target. The Commerce Department also released its second estimate of US economic growth during the second quarter, showing a sluggish 1.5% pace from April through June.
Market analysts are closely watching Nvidia's quarterly earnings report, which is expected to provide insight into the tech sector. AI stocks have been volatile in recent months due to concerns over profitability. The bond market has remained relatively steady despite some brief swings.