The USA500 is trading at around 4,304 on Monday morning.
The S&P 500 and Nasdaq posted their biggest monthly percentage drops of the year, while all three major indexes had their first quarterly declines in 2023.
Data showed the personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increased 3.9% on an annual basis for August, the first time in over two years it had fallen below 4%. The Fed tracks the PCE price indexes for its 2% inflation target.