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US stocks saw choppy trading action on Tuesday but the Dow was able to eke out another record close as investors tread carefully on the eve of Nvidia’s (NVDA) potentially market-moving earnings report.

The Dow Jones Industrial Average (^DJI) finished the day just above the flatline to claim another back-to-back record high. The benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each closed up around 0.2%.

Stocks are struggling to find a footing as investors debate whether chipmaker Nvidia’s high-stakes results on Wednesday can once again live up to elevated expectations. 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. Friday’s reading on the PCE price index could dent or cement bets on a 0.5% interest rate cut next month.

On the corporate front, Apple (AAPL) is replacing its long-standing CFO with an insider, Kevan Parekh, with just two weeks to go for its biggest product launch of the year. Meanwhile, the Paramount (PARA) takeover looks to be nearing an end, with Skydance Media set to seal a deal after media veteran Eric Bronfman dropped his bid.

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