Stocks started the day on solid footing thanks to an encouraging reading on inflation. However, the main indexes lost steam as the session wore on as investors booked profits on a hot first six months of the year for equities.
Ahead of the open, the Bureau of Economic Analysis said the Personal Consumption Expenditures (PCE) Price Index, which measures consumer spending, was unchanged from April to May. Core PCE, which excludes volatile food and energy costs, was up just 0.1% month-to-month.
