Nasdaq 100 Tumbles as Hot PCE Inflation Stirs Rate-Hike Bets

Nasdaq 100 falls by 0.6% to 29,041.12 as hot PCE inflation data stirs rate-hike bets.

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%. Core PCE held at 3.3% year-over-year, still well north of the Federal Reserve's 2% target.

Nasdaq 100 was the weakest major benchmark, with the S&P 500 slipping 0.1% to 7,668.85 and the Dow Jones Industrial Average falling 0.2% to 53,446.13. The Russell 2000 fell 0.3% to 3,000.42.

Crypto assets also declined, with Bitcoin easing 0.7% to $78,000. The yield on the 10-year Treasury note rose 4 basis points to 4.67%, while the 2-year yield added 4 basis points to 4.23%. Traders now look to Fed Chair Kevin Warsh's Jackson Hole address for direction ahead of the Sept. 16 policy meeting.