Stock market today: US stocks tread water with Nvidia, rate cuts in focus

US stocks moved lower on Tuesday after the Dow hit an all-time high the day prior. Investors are treading carefully on the eve of Nvidia's potentially market-moving earnings report. The Dow Jones Industrial Average fell roughly 0.2%, after the blue-chip benchmark eked out a record close to start the week. The benchmark S&P 500 also edged about 0.2% lower, while the tech-heavy Nasdaq Composite dropped roughly 0.3% on the heels of closing losses for both gauges.

Semiconductor stocks lost ground on Tuesday alongside a 1% drop for the AI darling, a sign of how Nvidia's report could ripple through techs as it tests the AI trade that has driven gains. At the same time, investors are counting down to a crucial update to the inflation gauge favored by the Federal Reserve. Chair Jerome Powell's clear message that an interest-rate cut is imminent confirmed widespread confidence in a policy pivot in September.

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