Dow Holds Steady as Inflation Remains Above Target
The Dow Jones Industrial Average held steady at its opening after new inflation data was released on Wednesday. The S&P 500 index also remained relatively unchanged, while the Nasdaq Composite traded flat.
Inflation remains above the Federal Reserve's target of 2%, with the personal consumption expenditures price index rising 0.2% in July and the annual inflation rate hitting 3.7%. This is higher than the Dow Jones consensus estimate by 0.1 percentage point, according to the Commerce Department.
Nvidia's fiscal second-quarter earnings report after the bell on Wednesday will be closely watched by investors. The company is expected to post earnings of $2.09 a share on revenue of $92.28 billion, based on FactSet estimates. Nvidia's significant market capitalization and influence in the broader market make its results particularly important.