U.S. stocks ticked down after surprisingly heated inflation data led to traders keeping their powder dry ahead of earnings results after the bell from artificial-intelligence giant Nvidia. The Dow Jones Industrial Average fell 113.52 points, or 0.21%, to 53463.88. The S&P 500 declined 1.58 points, or 0.02%, to 7675.70, and the tech-heavy Nasdaq Composite lost 21.10 points, or 0.08%, to 26130.20.

Oil futures lost 13 cents, or 0.2% to $82.23 a barrel following reports that officials from Oman and Iran were once again negotiating the reopening of the Strait of Hormuz. The Personal Consumption Expenditures price index rose 3.7% on an annual basis in July, remaining far above the Federal Reserve’s target inflation level. Investors are waiting to hear how Fed Chairman Kevin Warsh reconciles his patient approach to rate policy with his backing of the 2% target.

Spurred by the inflation data, the yield on the 30-year bond rose 0.11 percentage point to 5.185%. The yield on the 10-year Treasury note rose 0.026 percentage point to 4.663%. The yield on the policy-sensitive two-year Treasury rose 0.021 percentage point to 4.222%. The U.S. dollar rose against rivals after inflation and factory data. Orders for durable goods rose 1.1% in July to $339.3 billion. Gold futures lost $39.90, or 0.9% to $4598.20 a troy ounce.

Nvidia shares fell 1.6% to $209.66 ahead of the chip maker’s fiscal second-quarter earnings results after the bell. Meta shares rose 1.1% to $576.14 after agreeing to an $18 billion settlement with 48 state attorneys general. Abercrombie & Fitch rallied 36% to $147.75. Revolution Medicines rose 1.9% to $215.44 after FDA approval. Vanguard Group struck a $4 billion deal to acquire Altruist.