US stocks saw a mixed finish on Wednesday as traders processed a modest inflation increase that aligned with market expectations.
The Dow Jones Industrial Average gained 0.1% to close at 43,958.19, while the broad-based S&P 500 edged up by less than 0.1% to 5,985.38. Meanwhile, the Nasdaq Composite Index fell by 0.3% to 19,230.74, reflecting some cooling in tech stocks.
Concerns had emerged that inflation data might exceed forecasts, but the Consumer Price Index (CPI) posted a 2.6% year-over-year increase in October, which was consistent with economists' projections. This in-line inflation figure was reassuring for the market, noted Art Hogan, Chief Market Strategist at B. Riley Wealth Management.
Despite the overall steadiness, Advanced Micro Devices (AMD) shares fell by over 3% following an announcement of a 4% reduction in its workforce, weighing on the Nasdaq.
