U.S. Stocks Slip as Inflation Runs Hotter Than Expected

U.S. stocks ended a quiet session with slight losses Wednesday after a report showed inflation ran hotter than economists expected last month, keeping the S&P 500 near its record high. The S&P 500 fell less than 0.1%, the Dow dipped 0.2%, and the Nasdaq slipped 0.1%. Treasury yields ticked higher as traders still see a nearly three-in-four chance the Federal Reserve hikes rates by year-end. Abercrombie & Fitch jumped 31.7% on strong earnings, while Intuit fell 3.9% on a weak forecast. The Fed's preferred inflation measure held at 3.7% in July, above the 2% target, while consumer spending growth slowed. Oil prices slipped amid uncertainty over Persian Gulf shipping. Investors awaited Nvidia's earnings after the close, with high expectations for the AI chip giant.