US Stocks Slip on US Inflation Rise and Nvidia Earnings

US stocks closed lower on Wednesday as investors digested key inflation data and Nvidia's quarterly earnings. The Dow Jones Industrial Average shed 0.21% to close at 53,463.88, while the S&P 500 was down a mere 0.02% at 7,675.70.

The primary focus of the day was on US inflation, which ticked higher in July according to the Federal Reserve's preferred gauge. The personal consumption expenditures price index rose 0.2% on the month and 3.7% year-on-year, both above consensus forecasts.

Nvidia delivered another set of strong quarterly numbers, beating Wall Street expectations with adjusted earnings of $2.22 per share and revenues of $96.22bn.