Major US stock indices finished lower on Wednesday amid mixed market sentiment. The Dow Jones Industrial Average declined 0.2%, while the S&P 500 and Nasdaq Composite slipped fractionally, reversing gains from the previous session.
Inflation data released during the trading day showed the core Personal Consumption Expenditures Index rose 3.3% in July, matching expectations and remaining flat from the prior month. The reading came as markets awaited remarks from Federal Reserve Chairman Kevin Warsh at the Jackson Hole gathering later in the week, with investors monitoring the central bank’s policy trajectory amid ongoing economic considerations.
After the closing bell, Nvidia reported quarterly earnings and provided a strong third quarter outlook, buoying the artificial intelligence sector. CEO Jensen Huang commented on the company’s investment strategy during the earnings call. Chip stocks traded mixed during regular hours, with Nvidia shares falling 1.6% before the announcement.
Other notable corporate developments included Meta agreeing to settle a social media addiction trial for approximately $16.7 billion, involving allegations from 29 states regarding product design targeting young users. Meta stock rose on the news. Abercrombie & Fitch surged 35% following an earnings beat and raised guidance. After hours, Salesforce stock jumped 13% on better-than-expected forward guidance.
In healthcare news, the FDA approved Revolution Medicines’ pancreatic cancer therapy, representing an accelerated timeline. Boeing shares remained relatively flat after the FAA announced inspections of certain Dreamliner jets related to structural component specifications, though the stock declined nominally by 0.3%.
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