By NBC News wire reports
Updated at 10:08 a.m. ET: Stocks were wavering Wednesday, lately higher after a regional gauge of manufacturing suggested economic growth was still stalled, although a gauge of inflation left open a door for the Federal Reserve to implement further stimulus.
The New York Fed's "Empire State" general business conditions index dropped to minus 5.85 from 7.39 in July, missing expectations for 6.5 and contracting for the first time since October 2011. Meanwhile, Labor Department data showed consumer prices were flat in July for a second straight month and the year-over-year increase was the smallest since November 2010.
The S&P 500 index has stalled near early-May highs after gaining in seven of the past nine sessions; the benchmark index has not moved more than 0.22 percent in either direction over the past five sessions and volume has declined in a seasonally slow period.
Deere & Co lost ground after the world's largest agricultural equipment maker reported a lower-than-expected quarterly profit on Wednesday, citing weak sales in China, India and other emerging markets. Rival Caterpillar Inc slipped.
The benchmark index had begun its rally on anticipation central banks in the U.S. and euro zone will take action to stimulate their respective economies in September.
"People are going to sit and wait because Jackson Hole is still two weeks away and there is still the chatter about quantitative easing coming from around the world," said Ken Polcari, managing director at ICAP Equities in New York, referring to the Federal Reserve's annual symposium in Jackson Hole, Wyoming at the end of August.
"So the market is just held in check, it's confused. You will see some pressure with money coming off the table but nothing to get concerned about - we are stuck in this purgatory."
Staples Inc slumped after the office supply chain reported lower-than-expected quarterly revenue on weak demand in North America, Europe and Australia, and forecast flat sales for the fiscal year.
Target Corp advanced after the discount retail chain posted a flat quarterly profit.
Abercrombie & Fitch Co jumped after the teen clothing retailer reported quarterly profit slightly above the forecast it issued two weeks ago.
Private equity firm Carlyle Group LP will form a partnership with the management of Getty Images to buy Getty Images Inc from Hellman & Friedman for $3.3 billion.
Reuters contributed to this report.
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