US Stocks Decline as Fed's Favorite Inflation Measure Reaches Highest Point Since February

U.S. Stock Market Overview

• Market Performance: U.S. stocks opened lower, with the Dow down 0.22% at 45,537.65, the Nasdaq falling 0.44% to 21,610.49, and the S&P 500 decreasing by 0.24% to 6,486.33.
• Sector Movements: Energy shares saw a slight increase of 0.3%, while information technology stocks experienced a decline of 0.8%.

Inflation and Economic Indicators

• Inflation Data: The Personal Consumption Expenditures (PCE) price index rose 2.6% year-over-year in July, aligning with Wall Street expectations. Month-over-month, it increased by 0.2%. The core PCE index, excluding food and energy, reached 2.9%, up from 2.8% in June, marking the highest level since February.
• Trade Deficit: The U.S. trade deficit in goods expanded by $18.7 billion to $103.6 billion in July, surpassing market estimates of $89.5 billion.
• Wholesale Inventories: U.S. wholesale inventories rose by 0.2% month-over-month to $908.4 billion in July, compared to a 0.1% increase in June.
• Personal Income and Spending: Personal income increased by 0.4% to $25.905 trillion, while personal spending rose by 0.5% to $20.802 trillion in July.

Notable Stock Movements

• Gainers: Movano Inc. shares surged 95% to $1.1900 after receiving a Nasdaq compliance extension. Professional Diversity Network, Inc. saw a 70% increase to $3.3301 following a partnership announcement. Ambarella, Inc. shares rose 28% to $90.76 after reporting strong quarterly results.
• Losers: CaliberCos Inc. shares dropped 33% to $2.9701 after announcing a digital asset strategy. Connexa Sports Technologies Inc. fell 29% to $2.71 due to a new agreement related to a digital asset platform. Lottery.com Inc. shares decreased by 27% to $4.3750.

Global Market Trends

• European Markets: European shares mostly declined, with the STOXX 600 down 0.3% and Spain's IBEX 35 Index falling 0.9%. The FTSE 100 in London decreased by 0.1%, while Germany's DAX 40 saw a slight increase of 0.01%.
• Asian Markets: Asian markets closed mixed, with Japan's Nikkei 225 down 0.26%, while Hong Kong's Hang Seng and China's Shanghai Composite gained 0.32% and 0.37%, respectively. India's BSE Sensex fell by 0.34%.

Commodities Update

• Oil and Gold Prices: Oil prices fell by 0.4% to $64.36, while gold increased by 0.1% to $3,478.50. Silver prices decreased by 0.1% to $39.670, whereas copper rose by 0.8% to $4.5765.