US Stocks Slide Amid Resilient Inflation, Eyes on Warsh Speech
The US stock market closed lower on Thursday, with the Dow Jones Industrial Average falling 0.21% to 53,463.88. The decline came after the release of July's core Personal Consumption Expenditures (PCE) price index, which rose 0.2% month-on-month and met expectations.
The resilient inflation reading reignited rate-hike expectations, causing investors to focus on Fed Chair Kevin Warsh's speech at the Jackson Hole symposium this Friday. The three major US stock indices, Dow, Nasdaq, and S&P 500, all fell slightly, with tech stocks showing mixed performance.
Mega-cap tech companies like Apple, Meta Platforms, and Microsoft rose between 0.91% to 1.15%, while Nvidia and Google declined 1.43% and 1.59% respectively. The Philadelphia Semiconductor Index gained 0.2%, but Western Digital's 4.02% rise was notable among memory stocks.
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