NTNX - US Stocks Stall Despite Benign PCE Inflation Down Month Looms: What's Driving Markets Thursday? | Benzinga
Wall Street was broadly flat in Thursday midday trading in New York, with the S&P 500 Index attempting to mark its fifth consecutive day of gains as an inline PCE inflation report dispelled expectations of an impending Fed rate hike.
The core PCE price index, the Fed’s preferred inflation gauge, came in at 4.2% year on year in July, slightly higher than June’s 4.1% but in line with expectations. The headline PCE price index increased from 3% to 3.3% year on year, matching estimates.
Investors now await the crucial August jobs report, which will be released at 8:30 a.m. ET Friday.
Overall, August is poised to be a negative month for the U.S. stock market, as the four major averages are headed toward a negative monthly close. August will also likely break a consecutive streak of five months of gains for both the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ Trust (NYSE:QQQ).
Cues From Thursday's Trading:
The S&P 500 Index edged 0.04% higher, while blue-chip stocks in the Dow Jones Industrial Average fell 0.1%.
Tech managed to outperform, with the Nasdaq 100 Index up 0.3%. Small caps in the Russell 2000 inched 0.1% higher.
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