Inflation Report Triggers Steady Market Day
The US stock market experienced a relatively quiet day of trading on Wednesday following a report that showed inflation was slightly worse than expected last month. The S&P 500 index edged down by less than 0.1%, remaining near its all-time high set earlier in the month.
The Dow Jones Industrial Average dipped 113 points, or 0.2%, while the Nasdaq composite slipped 0.1%. Nvidia's earnings report was highly anticipated ahead of trading on Wednesday, but it arrived after the market closed. The chip giant's tremendous growth in profit due to the artificial-intelligence boom has made it the largest stock by value in the US market.
Abercrombie & Fitch leaped 35.7% after reporting a stronger profit for the latest quarter than analysts expected, while J.M. Smucker climbed 4.3% after also beating expectations and raising its forecast for profit over the full year.