Markets Drift Ahead of Nvidia Earnings Report Amid Oil Price Drop

The U.S. stock market is experiencing a relatively quiet day after a report revealed that inflation and economic growth were worse than expected in July. The S&P 500 edged down by 0.1% on Wednesday, but remains near its all-time high set earlier this month. The Dow Jones Industrial Average dipped 7 points, while the Nasdaq composite slipped 0.2%. Investors are holding back ahead of Nvidia's quarterly earnings report, which is expected to provide insight into the tech sector and artificial intelligence.

The bond market is holding steady following some brief fluctuations, while oil prices continue to drop. Brent crude, the international standard, fell by 2.4% to $85.17 a barrel, with benchmark U.S. crude also decreasing by 2.4% to $80.37 a barrel.

The Federal Reserve's preferred measure of inflation has remained above 3% since early this year, making it a concern for the central bank. The Commerce Department will release its second estimate of U.S. economic growth during the second quarter, which is expected to show a sluggish 1.5% pace.