Stocks Little Changed on Inflation News

Stocks were little changed Wednesday as traders absorbed a hotter-than-expected August core inflation print.

The Dow Jones Industrials lost 27.01 points to kick off the midweek session at 34,618.98.

The S&P 500 index dipped 3.76 points to 4,458.14.

The NASDAQ index handed over 16.41 points to 13,757.20.

August consumer price index rose 0.6% for the month, and was up 3.7% from a year ago. Economists surveyed by Dow Jones were looking for respective increases of 0.6% and 3.6%.

However, core CPI, which excludes volatile food and energy, increased 0.3% and 4.3% respectively, against estimates for 0.2% and 4.3%. Federal Reserve officials focus more on the core number as it provides a better indication of where inflation is heading over the long term.

Moderna shares rose more than 3% in early trading after the Centers for Disease Control and Prevention recommended updated Covid vaccine shots for all Americans ages 6 months and older.

Shares of Ford rose 1.5% premarket after UBS analyst Joseph Spak initiated research coverage with a buy rating and a $15 price target implying 21% upside.

Prices for the 10-year Treasury skidded, raising yields to 4.28% from Tuesday’s 4.27%. Treasury prices and yields move in opposite directions.

Oil prices slid four cents to $88.80 U.S. a barrel.

Gold prices faded $1.10 to $1,934.00 U.S. an ounce.