scorecardUS stocks fall as investors brace for July CPI report
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US stocks fall as investors brace for July CPI report

Jennifer Sor   

US stocks fall as investors brace for July CPI report
Stock Market2 min read
  • US stocks traded mixed on Wednesday as investors awaited the July CPI report.
  • Markets are hoping cooler inflation will push the Fed to end its rate hike campaign.

US stocks fell Wednesday as investors waited for key inflation data to roll out Thursday morning.

Major indexes ended in the red, continuing this week's sell-off and struggling to recover as August proves tough for investors coming off a hot streak earlier this summer.

Economists polled by Dow Jones expect inflation to accelerate 3.3% annually in July, while Cleveland Fed economists expect inflation to accelerate 3.4% year-over-year. Both estimates are slightly higher than the inflation figures reported in June, when prices rose 3%.

Investors are hoping that cooler inflation data could influence the Federal Reserve to end its rate hike campaign, which would likely be a boon for stocks. Central bankers will also be considering August inflation and jobs data when making their policy decisions next month, but markets already have priced in an 87% chance rates will be held steady at the September FOMC meeting, according to the CME FedWatch tool.

In the meantime, investors have their eye on The Walt Disney Company, which is set to report earnings after the closing bell. Shares of the entertainment giant have slid 18% over the past year as it struggles to grow earnings amid an uncertain macro environment.

Here's where US indexes stood at the 4 p.m. ET close on Wednesday:

Here's what else happened today:

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil rose 1.52% to $84.20 per barrel. Brent crude, oil's international benchmark, was up 1.4% to $87.41.
  • Gold dropped 0.52% to $1,949.80 per ounce.
  • The yield on the 10-year Treasury slipped two basis points to 4.004%.
  • Bitcoin fell 1.6% to $29,402.