Nvidia Tops Expectations Amid Inflation Concerns

The US stock market remained steady on Wednesday ahead of Nvidia's highly-anticipated quarterly results, despite inflation data showing prices rose slightly higher than expected.

The S&P 500 slipped less than 0.1% and remained near its record high set earlier this month, while the Dow Jones Industrial Average fell 113 points, or 0.2%, and the Nasdaq Composite declined 0.1%.

The US Federal Reserve's preferred inflation measure was running at 3.7% last month, unchanged from June and slightly above the 3.6% economists had predicted. Growth in consumer spending also slowed, while revised figures showed the US economy expanded at a 1.5% annual pace in the spring.

Nvidia, the largest company in the US stock market by value, reported quarterly revenue of $US96.22 billion, more than double the same period a year earlier and ahead of analysts' average forecast of $US92.27 billion. Adjusted earnings were $US2.22 a share, compared with expectations of $US2.09.