US Stocks Slide as Inflation Remains Elevated

The US stock market closed lower on Wednesday, as the Dow Jones Industrial Average fell 0.21% to 53,464.59, while the S&P 500 and Nasdaq Composite declined by 0.02% and 0.08%, respectively.

The main reason for this decline was the high inflation rate in the US, which remained above the Federal Reserve's target of 2% for the 65th consecutive month. The PCE price index rose 3.7% year-over-year in July, unchanged from June, and analysts had expected a decrease to 3.6%.

NVIDIA's stock initially fell after its earnings report but then rebounded, rising more than 4% after the CFO projected that revenue would grow by about 70% in fiscal year 2028.