According to the U.S. Bureau of Economic Analysis (BEA), the Personal Consumption Expenditures (PCE) price index for June rose 3.7% year-on-year. The core PCE price index, which excludes volatile food and energy prices, also climbed 3.3% year-on-year, reflecting the underlying inflation trend. The PCE price index is widely regarded as the key gauge the Federal Reserve (Fed) relies on most to assess inflation trends.

Prior to the release of this data, the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) for June had both cooled more than market expectations. Additionally, on July 29 (local time), the Federal Reserve left its benchmark interest rate unchanged. Markets are using the latest PCE figures to gauge the extent of lingering inflationary pressure while closely watching the potential impact on the Fed's future rate path.

On the equities side, U.S. stock markets in New York closed uniformly lower immediately following the Fed's rate freeze. As of the previous trading day, the Dow Jones Industrial Average fell 1,153.18 points (-2.19%) to close at 51,594.14, while the S&P 500 dropped 112.63 points (-1.52%) to finish at 7,316.15. The Nasdaq Composite also declined by 433.97 points (-1.74%) to end the session at 24,442.94.

Market participants are paying close attention to the trends through the closing bell, watching to see what kind of volatility the day's released PCE and second-quarter GDP figures will bring to the New York stock market going forward.