The Dow Jones Industrial Average shed roughly 122 points on Tuesday, a 0.23% decline that broke a three-session winning streak. This retreat was driven by July’s PCE price index coming in at 3.7%, above the 3.6% consensus forecast, and by anticipation ahead of Nvidia’s quarterly earnings report. The chip maker, with a market capitalization exceeding $5 trillion, is expected to post second-quarter revenue of approximately $92 billion, representing a 97% year-over-year increase. The PCE inflation overshoot suggests the Federal Reserve may need to keep interest rates higher for longer than anticipated.
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