US Stocks Drift Amid Inflation Update, Oil Prices Fall

The US stock market is experiencing a quiet day following the latest update on inflation, which was slightly worse than expected. The S&P 500 remained virtually unchanged and near its all-time high set earlier this month. The Dow Jones Industrial Average fell by 113 points, or 0.2%, while the Nasdaq composite dropped 0.2% as of 11 a.m. Eastern time.

The data on inflation showed that the measure preferred by the Federal Reserve sat at 3.7% last month, which was slightly worse than the 3.6% expected by economists. This remains far below the Fed's goal of 2%. The overall economy grew at a 1.5% annual pace in the spring, according to a revised estimate.

Despite these updates, Treasury yields ticked higher following the inflation report and economic growth data. The 10-year Treasury yield climbed to 4.65%, up from 4.64% late Tuesday. Oil prices also fell, with Brent crude dropping 0.7% to $86.66.

In earnings news, Nvidia is set to release its quarterly results after the market closes, which is expected to be closely watched due to its significant influence on the stock market. Strong profit growth across US companies has been a key driver of the stock market's record-breaking performance this year.