The Dow Jones Industrial Average fell Wednesday after the core consumer price index reading came in slightly hot for August.
Stock futures oscillated near the flat line on Wednesday as traders prepared for the August producer price index, a measure of wholesale inflation.
Futures tied to the Dow Jones Industrial Average added 4 points or 0.01%. S&P 500 futures ticked up by 0.06%, while Nasdaq 100 futures inched higher by 0.1%.stumbled for a second consecutive day, dropping 0.2%, dragged down by 3M. The Nasdaq Composite closed higher by nearly 0.3%, while the S&P 500 added 0.1%.was a key event for traders. The core CPI, which excludes food and energy, gained 0.3% from the prior month and 4.3% from 12 months earlier. That compares against estimates of 0.
The August CPI reading isn't expected to change the Federal Reserve's course at its policy meeting beginning on Sept. 19. Fed funds futures pricing data from Wednesday shows a 97% likelihood of rates remaining unchanged next week, according to to theEven if the central bank holds steady on rates this time, markets will likely continue to be volatile in the coming months. Indeed, fed funds futures pricing data shows a roughly 48% probability that rates will rise at the November meeting.
"We believe volatility will be with us through year end as the risk-on assets that dragged the market higher through 2023 will begin to look expensive in the face of elevated yields," said Alex McGrath, chief investment officer at NorthEnd Private Wealth.
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