S&P 500 futures moved slightly lower on Wednesday after the latest personal consumption expenditures price index reading revealed that inflation remains elevated. Futures tied to the broad market index declined 0.1%, while Nasdaq-100 futures were down 0.4%. Dow Jones Industrial Average futures added 20 points, or 0.04%. July’s personal consumption expenditures price index—a monthly report detailing changes in prices of goods and services and the Federal Reserve’s preferred metric of inflation—showed a month-over-month and year-over-year increase of 0.2% and 3.7%, respectively. Both figures were 0.1% above what economists polled by Dow Jones had expected. However, core PCE, which excludes food and energy prices, came in as expected with a gain of 0.2% on the month and 3.3% annually. “With markets continuing to be sensitive to any data that could increase the odds of rate hikes, today’s mild upside inflation surprise and relative economic strength weren’t necessarily what investors—or the Fed—wanted to see,” said Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management. “It wasn’t enough to shift the balance for September’s FOMC meeting, but if subsequent data point in the same direction, the Fed may feel more pressure to move off the sidelines.” The report comes with the bond market in focus. While U.S. Treasury yields were flat following the report’s release, they hit multi-year highs last week, with the 30-year bond rate reaching levels not seen in nearly 20 years. On Tuesday, yields fell broadly, as the 10-year yield lost almost 8 basis points on the day. Nvidia is set to report its earnings for the second quarter on Wednesday after the bell. Wall Street projects earnings per share of $2.09 on $92.28 billion in revenue, according to FactSet. The report could be a bellwether for the broader market, given the chipmaker is the largest S&P 500 member, with a market cap of more than $5 trillion. Investors are also eyeing Federal Reserve Chairman Kevin Warsh’s speech on Friday at the Fed’s annual symposium in Jackson Hole, Wyoming. Though, some have noted Warsh could remain tight-lipped ahead of the Fed’s monetary policy decision ahead of September. Asia-Pacific markets closed mixed on Wednesday. Japan’s Nikkei 225 added 0.62% to end the trading day at 66,262.16, while the Topix added 0.42% to 4,111.02. South Korea’s Kospi was up 0.97% to 6,808.21, but the small-cap Kosdaq closed little changed at 826.87. Australia’s benchmark S&P/ASX 200 was 0.4% lower, ending the trading day at 9,127.8. China’s CSI 300 added 0.85% to 4,590.79. Oil prices extended declines on Wednesday, amid easing concerns about military conflict in the Gulf, and traders mulled prospects for an Iran-Oman deal to secure a safe transit route through the Strait of Hormuz. Brent crude futures, the international benchmark, declined 2.5% to $86.38 a barrel. U.S. West Texas Intermediate futures dropped 2.2% to $80.52 per barrel. “U.S. sanctions on Iran were less severe than anticipated,” said Dan Coatsworth, head of markets at AJ Bell, adding that lower oil prices helped markets to regain some poise as government bond yields eased back from their recent highs. Gold prices eased on Wednesday, on ​track to snap a three-session ​winning streak, with ​focus shifting to U.S. inflation data for signals on the Federal Reserve’s outlook on interest rates. Spot gold fell almost 1% to $4,613.10 an ounce after ‌prices climbed to their highest since May 14 ⁠on Tuesday following the U.S. Treasury Department’s recent bond buyback announcement. U.S. gold futures dropped 0.5% to $4,671.50. “Gold prices are subdued today as the rally looks technically stretched and markets adopt a cautious stance ‌ahead of key events that can shape its trajectory,” said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com.