Dow Holds Steady Amid Elevated Inflation and Nvidia Earnings Loom

The Dow Jones Industrial Average held steady at its open as new inflation data revealed price pressures remain elevated. The S&P 500 was little changed, rising 0.1%, while the Nasdaq Composite traded around the flatline.

Inflation remains above the Fed's target rate of 2%. The personal consumption expenditures (PCE) price index rose 0.2% on a seasonally adjusted basis in July, pushing the annual inflation rate to 3.7%. This is 0.1 percentage point above the consensus estimate.

The data also showed stronger-than-expected consumer activity, with personal income increasing 0.4% and personal spending rising 0.2% in July. Goods prices declined 0.1% during the month, helped by a 2.7% drop in gasoline and other energy-related goods.