US equity markets closed slightly lower on Wednesday as investors weighed Nvidia’s highly anticipated earnings report against a fresh inflation reading. July headline PCE inflation held steady at 3.7% year-over-year, slightly above the 3.6% consensus estimate, while core PCE remained unchanged at 3.3%. The sticky inflation data shifted rate expectations hawkish, with futures now pricing in a 42% to 44% probability of a Fed rate hike in September, up from earlier estimates. Nvidia shares dipped roughly 0.4% ahead of its fiscal Q2 2027 results, with analysts expecting the chipmaker to report approximately $92 billion in quarterly revenue, representing a 96% increase year-over-year.
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