U.S. stocks mixed as July PCE inflation rises 3.7%

U.S. stocks traded mixed Wednesday, with the S&P 500 up around 0.1% after the market opened. The Dow fell 0.02% to 53,564.62, the Nasdaq slipped 0.02% to 26,145.43 and the S&P 500 gained 0.05% to 7,680.98. Industrials rose 1.1%, while health care stocks dropped 0.8%. The Bureau of Economic Analysis said the Personal Consumption Expenditures (PCE) price index increased 3.7% year over year in July, above economists’ 3.6% forecast. Monthly PCE rose 0.2%, reversing June’s 0.1% contraction and exceeding the 0.1% estimate. Core PCE, which excludes volatile food and energy prices, held at 3.3%, matching the previous reading and expectations. Cre8 Enterprise, Expion360 and YY Group Holding posted large gains after company-specific announcements, while Greenland Mines, Wetour Robotics and Netcapital fell. Oil, gold, silver and copper prices declined. European shares were higher, Asian markets mostly gained, U.S. GDP grew at a 1.5% annualized rate in the second quarter, personal income and spending increased in July, durable-goods orders rose and mortgage applications declined in the third week of August.

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