US Stocks Waver as Investors Weigh Inflation, Labor Data Ahead of Fed Meeting

US stocks wavered on Thursday as investors digested fresh inflation and labor data testing high-running expectations for a quarter-point interest-rate cut next week. The S&P 500 fell 0.2% while the Nasdaq Composite gained 0.1%, coming off sharp closing gains fueled by a tech rally. The Dow Jones Industrial Average fell 0.5%. The market is regrouping after a seesaw Wednesday that saw revived enthusiasm for techs pull stocks out of a slide.

Read more: Fed predictions for 2024: What experts say about the possibility of a rate cut Before the bell, the August Producer Price Index provided indication that inflation pressures are cooling enough for the Fed to start easing rates. Wholesale prices rose at a rate of 0.2% month-over-month, slightly above what economists anticipated. On an annualized basis, PPI increased 1.7%, in line with expectations, while July's reading was revised lower.

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