Wall Street today: US stock indices mixed after PCE inflation data

US stock indices were mixed on Wednesday as investors assessed Personal Consumption Expenditure (PCE) inflation report.

At 10:03 a.m. the Dow Jones Industrial Average rose 47.83 points, or 0.11 per cent, to 44,908.14, the S&P 500 lost 8.68 points, or 0.14 per cent, to 6,012.95 and the Nasdaq Composite lost 87.31 points, or 0.46 per cent, to 19,088.26.

A Commerce Department report showed the PCE index, the Federal Reserve's preferred inflation gauge, rose 2.3 per cent in October on an annual basis. On a monthly basis, it rose 0.2 per cent.

In the third quarter, the US economy grew at 2.8 per cent, according to the Commerce Department. The growth was driven by strong consumer spending and a surge in exports.

Dell stock slumped 12.3 per cent after its third quarter revenue fell short of analyst forecasts.

HP stock sank 9.7 per cent after the company forecast weaker-than-expected earnings for the quarter.

In the bond market, the yield on the 10-year Treasury fell to 4.25 per cent from 4.30 per cent late Tuesday. The yield on the 2-year Treasury fell to 4.21 per cent from 4.25 per cent.

US markets will be closed Thursday for Thanksgiving.

Bullion

Gold prices rebounded on Wednesday on a softer US dollar.

Spot gold jumped 0.7 per cent to $2,651.27 per ounce, as of 09:13 am ET (1413 GMT). US gold futures rose 1.1 per cent to $2,650.30.

Spot silver rose 0.2 per cent to $30.47 per ounce.

Crude oil

Oil prices edged higher on Wednesday on signs OPEC will once again delay restoring output.

Brent traded above $73 a barrel, after sliding in the prior two sessions on anticipation of a truce between Israel and Hezbollah.

OPEC talks to delay a production restart have begun ahead of a meeting this weekend.