U.S. Stocks Dip Amid Persistent Inflation and NVIDIA Earnings Rebound
The U.S. stock market closed lower on Wednesday, with the Dow Jones Industrial Average falling by 0.21% to 53,464.59. The S&P 500 dropped 0.02% to 7,675.82, while the Nasdaq Composite declined 0.08% to 26,130.20.
U.S. inflation remained above the Federal Reserve's 2% target for the 65th consecutive month, with a year-on-year rate of 3.7%. NVIDIA (NVDA.US) reported its latest earnings after the market close, initially falling in after-hours trading but then rebounding by more than 4%.
The company's stock price rose after Chief Financial Officer Colette Kress projected revenue growth of about 70% in fiscal year 2028. However, this failed to impress investors, who remain skeptical about the pace of spending growth in the artificial intelligence sector.