Nvidia Earnings and Inflation Data Spark Rate Hike Bets

The US stock market traded in a narrow range on Wednesday as investors held back ahead of Nvidia Corp.'s after-hours results. However, a hotter-than-forecast July inflation print reignited speculation about a September rate hike.

The Personal Consumption Expenditures (PCE) price index rose 0.2% month-over-month in July, matching forecasts of 0.1%, while the annual rate held at 3.7% versus expectations of 3.6%. Core PCE remained at 3.3% year-over-year, still above the Federal Reserve's 2% target.

Nvidia's results are crucial for investors, and its shares have been a key driver of the tech sector's performance in recent times. Despite some caution ahead of the earnings report, the Nasdaq 100 slipped 0.6% to 29,041.12.