U.S. Stocks Turn Mixed After Early Move To The Upside

Market Overview - Stocks initially moved higher but later gave back some gains, with the Nasdaq entering negative territory, while the S&P 500 and Dow showed slight increases [1] - The Nasdaq is down 36.68 points (0.2%) at 22,348.02, the S&P 500 is up 8.28 points (0.1%) at 6,613.00, and the Dow is up 146.69 points (0.3%) at 46,094.01 [1] Economic Indicators - A report from the Commerce Department indicated that the personal consumption expenditures (PCE) price index rose by 0.3% in August, following a 0.2% increase in July, aligning with economist expectations [2] - The annual growth rate of the PCE price index increased to 2.7% in August from 2.6% in July, also meeting estimates [3] - The core PCE price index, excluding food and energy, rose by 0.2% in August, matching the revised increase in July and expectations, with an annual growth rate of 2.9% remaining unchanged from July [3] Federal Reserve Outlook - The inflation data has bolstered confidence that the Federal Reserve may continue to lower interest rates in the upcoming months [4] Sector Performance - Energy stocks performed strongly due to a significant rise in crude oil prices, with the Philadelphia Oil Service Index and NYSE Arca Oil Index increasing by 1.9% and 1.7%, respectively [7] - Gold stocks also showed strength, with the NYSE Arca Gold Bugs Index gaining 1.5% alongside rising gold prices [7] - Conversely, computer hardware stocks declined, leading to a 1.4% drop in the NYSE Arca Computer Hardware Index [8] Tariff News - President Trump announced a 100% tariff on pharmaceuticals unless companies establish manufacturing plants in the U.S. [5] - Additional tariffs include a 25% tariff on heavy trucks and a 50% tariff on kitchen cabinets and related products, effective October 1st [6] International Markets - In the Asia-Pacific region, stocks mostly declined, with Japan's Nikkei 225 Index down 0.9% and China's Shanghai Composite Index down 0.7% [9] - Major European markets saw gains, with the French CAC 40 Index up 0.8% and both the German DAX Index and U.K.'s FTSE 100 Index up 0.7% [9] Bond Market - Treasuries showed modest strength in response to inflation data, with the yield on the benchmark ten-year note decreasing by 1.6 basis points to 4.156% [10]