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Nvidia is scheduled to report second-quarter earnings after U.S. markets close on Wednesday.

Nvidia is scheduled to report second-quarter earnings after U.S. markets close on Wednesday. Investors are closely watching the chip leader for signs of whether the massive artificial intelligence spending boom is sustainable and can produce profits that satisfy the market. While the stock has gained 14% this year, it remains the largest stock by value in the U.S. market. Market activity on Wednesday was relatively steady as investors awaited the report. The S&P 500 edged down by 0.1% and the Dow Jones Industrial Average fell 43 points. Meanwhile, oil prices continued to drop, falling nearly 3% to approximately $85.70 per barrel. This decline in oil prices helped temper concerns regarding upcoming inflation. The U.S. Personal Consumption Expenditures Price Index showed inflation at 3.7% last month, which was slightly worse than economists expected. Despite this, the U.S. Treasury Department intervened in the bond market last week to ease pressure on longer-dated yields. Investors are now looking toward the Federal Reserve's upcoming Jackson Hole symposium to gauge future monetary policy.

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