US opens mostly down, Fed's preferred inflation data in focus
New York stock exchanges opened mostly down on Wednesday ahead of the United States personal consumption expenditures index (PCE) data, which is used as the Federal Reserve's preferred inflation gauge in deciding the direction of its monetary policy in the coming period.
Investors are closely watching the report, set to be released at 10:00 am ET, following the Federal Reserve's November meeting minutes which showed that policymakers support a more gradual approach to monetary easing if inflation continues its downward trend. Meanwhile, data showed that the US economy expanded by 2.8% in the third quarter.
The Dow Jones Industrial Average gained 0.06% as the UnitedHealth Group Inc. rose 1.19% The Nasdaq 100 slipped 0.37% with Workday Inc. plunging 9.82%. The S&P 500 fell 0.12% with Dell Technologies Inc. sinking 12.70%.
The euro was up 0.71% against the dollar, selling at 1.05546.