Stock market today: Dow, S&P 500 futures hold steady as PCE inflation stays sticky, Nvidia earnings loom

US stocks traded mostly flat on Wednesday after PCE data showed inflation remained sticky in the lead-up to the Fed's Jackson Hole gathering and as investors counted down to Nvidia's ( NVDA ) earnings report.

The Dow Jones Industrial Average ( ^DJI ) slipped by 0.1%, while the S&P 500 ( ^GSPC ) dipped below the flat line. The tech-heavy Nasdaq Composite ( ^IXIC ) fell 0.1% after posting broad gains on Tuesday.

Meta stock ( META ) jumped in early trading after the company agreed to settle a social media addiction trial for roughly $16.7 billion. The case revolved around allegations from 29 states that Meta developed products to hook young users, misled consumers about their safety, and improperly collected personal data.

Tech and chip stocks face their next test after the closing bell, when Nvidia opens its books in what has become a quarterly yardstick for the health of the artificial intelligence trade. Expectations are high heading into the earnings report, as investors increasingly focus on companies' ability to generate returns on their massive AI investments.

Markets assessed a new reading of inflation, meanwhile, from the Federal Reserve's preferred gauge. The core Personal Consumption Expenditures (PCE) Index, which excludes the volatile food and energy categories, rose 3.3% in July , which was in line with expectations and unchanged from the month before.

That update on mild inflation comes amid angst in the bond market and ahead of the Jackson Hole annual gathering of Fed policymakers this week, where Chairman Kevin Warsh will deliver a speech on the central bank's future plans.

Abercrombie & Fitch ( ANF ) also reported earnings on Wednesday morning, posting a guidance raise that lifted the stock 13%.