US Stock Market Sees Mixed Day Amid Soft Inflation Numbers
The US stock market is experiencing a mixed day, with some indices showing gains while others slip. The Nasdaq Composite led the way, rising 1.06% to 27,081.87. The S&P 500 added 0.58% to 7,715.18, but the Dow Jones Industrial Average dipped 0.05% to 51,321.78.
The inflation report for August was a key factor in the market's performance. The core personal consumption expenditures (PCE) index rose 3% annually, which is below the expected 3.3%. This softer-than-expected reading reduced concerns about another interest rate hike from the Federal Reserve.
Strong consumer spending and technology strength were also contributing factors to the market's gains. Nvidia, Microsoft, and other large tech companies saw notable increases in their stock prices.