The Nasdaq Composite dropped 1.3% to 21,428.1, with the S&P 500 down 0.8% to 6,452.2, and the Dow Jones Industrial Average 0.4% lower at 45,447.5. Consumer discretionary, technology, and industrials led the decliners intraday.

July's core personal consumption expenditures price index, which excludes food and energy, rose 2.9% from a year ago, from 2.8% in June. Month-over-month, it increased by 0.3%, as expected, and followed a 0.3% gain in June. The headline PCE increased by 0.2% in July, as expected, keeping the year-over-year rate at 2.6%. It grew 0.3% month-over-month in June.

The University of Michigan consumer sentiment index was revised lower to 58.2 for August from its preliminary estimate of 58.6, versus expectations for no revision in a survey compiled by Bloomberg. The August print lagged the final reading of 61.7 in July.

Respondents expected a 4.8% inflation rate over the next year and 3.5% annual inflation over the next five years, up from 4.5% and 3.4% respectively, in July.

Treasury yields were mixed after midday, with the 10-year yield up 2.1 basis points to 4.23% while the two-year rate slipped 1.6 basis points to 3.62%.

In company news, Autodesk (ADSK) shares jumped 7.3%, the top performer in the S&P 500 and the Nasdaq, after the company posted higher fiscal Q2 non-GAAP net income and revenue, and raised its fiscal 2026 outlook.

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