US Stocks Slide as Inflation Concerns Weigh on Market

The US stock market closed lower on Wednesday as investors weighed sticky inflation and higher Treasury yields. The S&P 500 fell 0.10%, led by tech stocks such as Accenture, Alphabet, and Intuit. Oil prices also declined ahead of Nvidia's earnings report.

According to the data, the S&P 500 stood at 7,669.96, down 7.32 points from the previous day. The Dow Jones Industrial Average fell 128.69 points, or 0.24%, to 53,448.71. The Nasdaq Composite declined 97.91 points, or 0.37%, to 26,053.39.

The inflation data released on Wednesday showed a 0.2% month-over-month increase in the July PCE print, with an annual rate of 3.7%. This was higher than expected, and investors are now looking at the Federal Reserve's response. The probability of a 25-basis-point interest rate hike in September increased to 40.1%, up from 36% before the inflation report.