Update: Equities Fall Intraday After Inflation Report; Nvidia Earnings On Deck

01:52 PM EDT, 08/26/2026 (MT Newswires) -- (Updates with latest market prices and developments.) US benchmark equity indexes drifted lower intraday as traders parsed the latest inflation data while awaiting technology bellwether Nvidia's (NVDA) financial results. The Nasdaq Composite and the Dow Jones Industrial Average were down 0.2% each at 26,093.1 and 53,460.6, respectively, after midday Wednesday. The S&P 500 edged down 0.1% to 7,671.6. The three indexes finished Tuesday trading higher, with the Dow rising for a third consecutive session. Among sectors, consumer discretionary and healthcare saw the steepest declines intraday Wednesday, while industrials paced the gainers. US inflation accelerated sequentially in July, keeping the Federal Reserve's preferred gauge for price increases well above its 2% target, while consumer spending growth eased, official data showed. US Treasury yields were mostly higher intraday, with the 10-year yield up 2.5 basis points at 4.66% and the two-year yield rising 2.2 basis points to 4.23%. Markets are currently pricing in a 60% probability that the Fed will keep its benchmark lending rate steady next month, with the remaining odds in favor of a 25-basis-point increase, according to the CME FedWatch tool. Nvidia shares were down 1.3% intraday, following a 2.2% increase in the previous session. The chipmaking giant is scheduled to report its fiscal second-quarter results after the closing bell Wednesday. The current consensus on FactSet is for non-GAAP earnings of $2.09 a share on revenue of $92.27 billion. In a recent note to clients, Morgan Stanley said Nvidia is expected to post strong second-quarter results, though investors are likely to focus more on its longer-term growth drivers. CrowdStrike (CRWD), Salesforce (CRM), Synopsys (SNPS), HP (HPQ) and Urban Outfitters (URBN) are also scheduled to report results in the after-hours, along with others. In other company news, Intuit (INTU) shares fell 3.5% intraday, among the worst performers on the S&P 500, after the tax and finance software maker overnight issued a soft fiscal 2027 outlook. Zoom Communications (ZM) shares slumped 6.4% as the video communication platform late Tuesday provided a downbeat earnings outlook for its fiscal third quarter following a second-quarter beat. Abercrombie & Fitch (ANF) shares surged 31% intraday Wednesday after the apparel retailer raised its full-year outlook as tariff-related refund benefits helped the company post fiscal second-quarter results above Wall Street's estimates. West Texas Intermediate crude oil was up 0.6% at $82.81 a barrel, while Brent advanced 0.3% to $88.80. The Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, the world's most important chokepoint for crude flows, Bloomberg News reported. Spot gold fell 1.4% to $4,593.34 per troy ounce, while silver lost 1.1% to $68.73 per ounce.