U.S. stocks fell on Tuesday after the Dow hit an all-time high the day before, with investors remaining cautious on the eve of a potentially market-moving earnings report from Nvidia (NVDA).

The Dow Jones Industrial Average (^DJI) fell about 0.2% after the blue-chip benchmark hit a record close earlier in the week. The benchmark S&P 500 (^GSPC) also fell about 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) slipped about 0.3% after both indexes posted closing losses.

Stocks are struggling to regain their footing as investors debate whether chipmaker Nvidia’s high-profile results on Wednesday can again meet lofty expectations. Semiconductor stocks lost ground on Tuesday, while the AI ​​darling slipped 1%, a sign of how Nvidia’s report could impact the tech industry as it tests the AI ​​trade that has powered the gains.

At the same time, investors are eagerly awaiting the decisive update of the Fed’s favored inflation index. Chairman Jerome Powell’s clear message that a rate cut is imminent confirmed widespread confidence in a policy turnaround in September. The PCE price index figures released on Friday could dampen or cement bets on a 0.5% rate cut next month.

At the corporate level, Apple (AAPL) is replacing its longtime CFO with an insider, Kevan Parekh, just two weeks before its biggest product launch of the year. Meanwhile, its Paramount (PARA) acquisition appears to be close to completion, with Skydance Media close to closing a deal after media veteran Eric Bronfman withdrew his offer.