Stocks were choppy in light trading Wednesday as worries about inflation resurfaced and new home sales plunged.
Inflation remained in focus early in the session after Australia followed Canada by posting hotter-than-expected consumer price data. Market participants are hoping the readings don't portend bad things for the highlight of this week's economic calendar: the May Personal Consumption and Expenditures (PCE) Price Index. Also known as the Fed's preferred inflation gauge, this is where the central bank sets its long-term target of 2%.
