S&P 500 Inches Lower Ahead of Key U.S. Inflation Report
The S&P 500 edged lower on Wednesday as traders await the release of the Federal Reserve’s favorite inflation gauge.
The broad market index shed 0.1%, and the Nasdaq Composite lost 0.3%. The Dow Jones Industrial Average rose 99 points, or 0.2%, putting the blue-chip average on pace for another record close.
The personal consumption expenditures price index, or PCE, is set for release at 10 a.m. ET. Economists polled by Dow Jones expect a year-over-year increase of 2.8% for the core reading, which excludes food and energy. Investors will look through the data for indications on how the Fed may proceed on its rate policy at its December meeting.
That comes a day after the Fed issued the minutes from its November meeting. While central bank officials said they anticipate more interest rate cuts coming down the pike, they said the pace of cuts would happen “gradually.”
Source : CNBC
