Inflation Fears Weigh on Wall Street Ahead of Nvidia Earnings

Wall Street's main indexes fell on Wednesday after hot inflation data was released ahead of Nvidia's highly anticipated earnings report.

The Commerce Department reported that annual U.S. inflation increased 3.7% in the 12 months through July, slightly above expectations.

Economists pointed out that this latest print adds another wrinkle to the Federal Reserve's policy outlook, raising the stakes for upcoming economic data.

Investors will be closely watching Fed Chair Kevin Warsh's speech at Jackson Hole on Friday for guidance on potential interest rate hikes.