US stocks trade mixed as data shows inflation cooling ahead of Powell's Jackson Hole speech

US stocks were little changed on Friday as investors waited for Federal Reserve Chair Powell's speech. There is an hour and a half later.

The Fed's preferred measure of inflation, personal consumption expenditures data, was cheered by investors.

The year-over-year increase was down from June's 6.8%.

The market opened at 9:30 a.m. on Friday.

• S&P 500: 4,196.55, down 0.06% 

• Dow Jones Industrial Average: 33,287.00, down 0.01% (4.78 points)

• Nasdaq Composite: 12,615.09, down 0.19% 

Richard Thaler ridiculed claims that the US is in a recession due to low employment and high job vacancies. He thinks inflation could go away over the next year.

"Big Short" investor Michael Burry warned that the US government's fiscal support will end in disaster if it is not stopped.

Student debt relief was compared to giving sugar to babies by Burry.

Russia is burning $10 million a day of gas that was supposed to go to Germany. Those flows used to be exported via the Nord Stream 1 line, which is about to be closed for three days in August.

The UK has increased natural gas production 26% as prices have gone up and Europe seeks relief from its energy crisis.

The price of oil went up with West Texas Intermediate going up. The international benchmark inched higher.

The price of gold was 1, 761.40 per ounce. The yield went up by 0.2 basis points.

There was a 0.78% rise in the price of the virtual currency.