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Investors Cautious Ahead of Inflation Data

The S&P 500 inched lower Wednesday as Wall Street awaited the release of fresh inflation data later in the week.

The Dow Jones Industrials eked up 3.18 points to open Wednesday at 35,317.67.

The much broader index slid 4.13 points to 4,495.25.

The NASDAQ index subtracted 70.96 points to 13,813.37.

Penn Entertainment surged 14% after the casino company said it’s launching an online sportsbook with ESPN, called ESPN Bet, this fall. Roblox tumbled more than 20% after missing Wall Street expectations for its second quarter.

Those moves precede a much-anticipated U.S. inflation report, with the consumer price index reading for July slated for release Thursday. Economists polled by Dow Jones expect the inflation gauge rose 3.3% in July.

Entertainment giant Disney and casino operator Wynn Resorts are slated to post quarterly results after the close. More than 90% of S&P 500 stocks have reported earnings as of Wednesday morning, and about four-fifths of those who have posted results have exceeded Wall Street’s expectations,

Prices for the 10-year Treasury gained slightly, lowering yields to 4% from Tuesday’s 4.02%. Treasury prices and yields move in opposite directions.

Oil prices marched $1.15 to $84.07 U.S. a barrel.

Gold prices regained $1.10 to $1,961.00 U.S. an ounce.

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