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Stock market today: Stocks waver after Fed's preferred inflation gauge meets expectations

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Investors are on edge for the PCE reading, seen as key to assessing how quickly the Fed will start cutting rates.

US stocks wavered on Thursday as investors digested a crucial inflation reading key to assessing how quickly the Federal Reserve will start cutting interest rates and whether equities' recent rally will revive. The Dow Jones Industrial Average was down 0.2% while the S&P 500 drifted slightly higher. The tech-heavy Nasdaq Composite gained 0.4%. An inflation measure closely watched by the Fed continued cooling last month, matching Wall Street's expectations.

"Core" PCE, the measure most often mentioned by Fed Chair Jerome Powell, came in at 2.8%, down from 2.9% in the month prior. The looming release of the PCE index data — the Fed's preferred measure of inflation — had weighed on stocks all week. Policymakers have repeatedly stressed they want to see more signs of price pressures easing before committing to rate cuts. Meanwhile, bitcoin held above $60,000 on Thursday after almost reaching $64,000 overnight.

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