As of 11:47 AM ET, the S&P 500 (SNPINDEX:^GSPC) is up 0.01% to 7,678, while the Nasdaq Composite (NASDAQINDEX:^IXIC) has fallen 0.12% to 26,117, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.18% lower at 53,480 as traders react to sticky inflation data.
Gold is down 0.61% to $4,608.72, while the 10-Year Treasury yield gained 0.017 to 4.67%
Energy and industrial stocks lead the sector gainers, and basic materials and healthcare trail. Today’s biggest moves Meta Platforms whipsawed this morning following a $17 billion legal settlement. The stock initially popped before paring gains as markets digested the news.
Abercrombie & Fitch soared an eye-watering 40% after beating earnings estimates and raising its full-year guidance. Meanwhile, Alibaba Group Holding erased some losses after plunging on news of a $10 billion share placement to fund artificial intelligence (AI) development. What this means for investors Today’s July Personal Consumption Expenditures (PCE) inflation data was slightly higher than expected, which weighed on morning trading.