US Stocks Hold Steady as Inflation Remains Above Target Ahead of Nvidia Earnings

The US stock market held steady at the open as investors digested the latest inflation data. The S&P 500 rose 0.1%, while the Nasdaq Composite traded around the flatline. The Dow Jones Industrial Average gained 53 points, or 0.1%.

Inflation remains above the Federal Reserve's target of 2%. The personal consumption expenditures price index, the Fed's preferred inflation gauge, rose 0.2% on a seasonally adjusted basis in July, pushing the annual inflation rate to 3.7%. Both readings were 0.1 percentage point above the Dow Jones consensus estimate.

Nvidia is set to report its fiscal second-quarter earnings after the bell today, with investors looking for signs of whether AI infrastructure spending can continue to support the company's rapid revenue growth. Wall Street expects earnings of $2.09 a share on $92.28 billion in revenue, according to FactSet.