Wall Street holds mostly steady following the latest update on inflation

Key Points:

• The U.S. stock market showed little movement on Wednesday, with the S&P 500 slightly down less than 0.1%, as investors awaited Nvidia's earnings report, while bond yields edged higher following inflation data.
• Inflation in the U.S. remained steady at 3.7% in July, slightly above economists' expectations and well above the Federal Reserve's 2% target, contributing to modest increases in Treasury yields.
• Abercrombie & Fitch and J.M. Smucker reported stronger-than-expected quarterly profits and raised their full-year forecasts, causing their stocks to jump, while Intuit's shares fell despite beating profit expectations due to a cautious future outlook.
• Meta Platforms' stock rose 1.1% after agreeing to pay up to $18 billion and implement child-safety measures to settle a major lawsuit over teen social media addiction.
• International markets saw gains, with notable increases in South Korea's Kospi and Japan's Nikkei 225, while Brent crude oil prices fluctuated amid geopolitical tensions affecting supply from the Persian Gulf.