US Stocks Slide Amid Inflation Concerns, Nvidia Earnings Loom

The US stock market closed lower on Thursday, with the Dow Jones falling 0.24%, the S&P 500 dropping 0.10%, and the Nasdaq sliding 0.37%. The declines were led by technology stocks, which have been under pressure in recent days due to concerns about inflation and the potential for a September Fed rate hike.

Nvidia's earnings report was expected later that day, but its impact on the market remained uncertain. Meanwhile, oil prices fell as US President Donald Trump threatened to target Iran, providing some relief on the inflation front.

The S&P 500 stood at 7,670, the Dow Jones Industrial Average reached 53,449, and the Nasdaq Composite was trading at about 26,053. The core PCE inflation rate in July rose by 3.3%, in line with expectations, while the headline PCE inflation rate increased by 3.7% annually.

The Fed's decision to raise interest rates will depend on various factors, including inflation data and economic growth. Meanwhile, gold prices remained elevated despite a daily decline, and Bitcoin prices fell by 0.96%.