US Stocks Slip as Traders Digest Higher Inflation and Nvidia's Q2 Earnings

US stocks closed lower on Wednesday as traders digested key US inflation data and Nvidia's latest quarterly numbers. The Dow Jones Industrial Average fell 0.21%, the S&P 500 shed 0.02%, and the Nasdaq Composite saw out the session 0.08% softer.

The primary focus was news that US inflation ticked slightly higher in July, according to the Federal Reserve's preferred gauge. The Bureau of Economic Analysis' personal consumption expenditures price index rose 0.2% on the month and 3.7% year-on-year in July, both a touch above consensus.

Nvidia delivered another set of stronger-than-expected quarterly numbers and issued revenue guidance that topped Wall Street forecasts. The chipmaker posted adjusted earnings of $2.22 per share, ahead of the $2.10 pencilled in by analysts, while revenues came in at $96.22bn, beating expectations for $92.17bn.