U.S. Stocks Dip as Inflation Stubborn

U.S. stocks closed modestly lower on Wednesday as stubborn inflation data and caution ahead of the Federal Reserve's annual Jackson Hole symposium kept investors on edge. The Dow Jones Industrial Average fell 113.52 points, or 0.21 percent, to 53,463.88. The S&P 500 sank 1.58 points, or 0.02 percent, to 7,675.7. The Nasdaq Composite Index shed 21.1 points, or 0.08 percent, to 26,130.2. Seven of 11 primary S&P 500 sectors ended lower, with health and communication services leading declines, while industrials and utilities gained. The Commerce Department reported the Personal Consumption Expenditures Price Index rose 3.7 percent year on year in July, confirming inflation remains above the central bank's 2-percent target. Investors await Fed Chair Kevin Warsh's keynote speech at Jackson Hole, while Nvidia's earnings after the bell could drive further volatility.