30.09.202620:13:11UTC+00US Stocks Close Mostly Lower Amid Oil Rebound

US stocks finished mostly lower on Wednesday, as a rebound in oil prices offset the positive impact of cooler-than-expected inflation data. The S&P 500 slipped 0.2% and the Dow Jones Industrial Average dropped 444 points, while the Nasdaq Composite inched up 0.2%.

Financial stocks dragged on both the Dow and the S&P 500, with higher Treasury yields persisting amid rising oil prices and limited progress in US-Iran peace talks. The combination stoked worries that energy costs could keep inflation elevated. Most industrial shares also ended the session in negative territory.

On the macro front, core PCE inflation—the Federal Reserve’s preferred gauge—rose 0.2% in August, slightly below forecasts. The softer reading strengthened expectations that the Fed will hold off on another rate hike in October.

In tech, large AI-focused cloud providers and chipmakers traded mostly higher ahead of Micron’s quarterly results, due after the close. Alphabet gained 0.9%, Microsoft rose 0.8%, Nvidia added 0.5%, and Intel advanced 3.7%, while Micron ended the regular session flat.

For the month, the S&P 500 slipped 0.4%, the Nasdaq 100 advanced 3.2%, and the Dow Jones Industrial Average lost 2,280 points.