US Stocks Slip on Elevated Inflation Data Ahead of Jackson Hole

US stocks closed lower on Wednesday as investors remained cautious due to stubborn inflation data and ahead of the Federal Reserve's annual Jackson Hole symposium.

The Dow Jones Industrial Average fell by 113.52 points, or 0.21 percent, to 53,463.88. The Standard and Poor's 500 sank 1.58 points, or 0.02 percent, to 7,675.7.

Seven of the 11 primary Standard and Poor's 500 sectors ended in the red, with health and communication services leading the laggards by dropping 1.01 percent and 0.71 percent, respectively.