US Stock Markets Move Sideways Following Inflation Data and Oil Prices Fall
As inflation and growth data come in slightly below expectations, US stock markets follow a sideways course while investors await Nvidia's financial report.
US stock indices are trading flat as recently released inflation data and economic growth figures slightly exceeded economists' expectations.
General Market Conditions
Although the S&P 500 index declined by 0.1 percent on Wednesday, it continues to remain close to the all-time highs it recorded earlier this month.
The Dow Jones Industrial Average experienced a limited drop of 7 points, while the Nasdaq Composite index lost 0.2 percent in value.
Awaiting Nvidia's Financial Report
Wall Street investors are avoiding major moves ahead of the financial report to be released by Nvidia, the market's most influential company, at the close of the session.
This stagnation in the stock market indicates that a cautious wait-and-see attitude prevails ahead of the critical earnings announcement.
Inflation and Growth Data
Important inflation data, such as July consumer spending and personal consumption expenditures, were closely monitored by the markets.
The second estimate data for second-quarter economic growth released by the Department of Commerce was also in the focus of investors.
Global Markets and Oil
While a mixed course was observed in European stock exchanges, Asian markets generally followed a buyer-driven and upward trend.
Brent crude and US benchmark crude oil recorded a 2.4 percent drop under the influence of geopolitical developments.