Wall Street Falls as Wall Street Falls as Rate Hike Concerns Rise on Wall Street

The Dow Jones Industrial Average fell 113.52 points, or 0.21%, to close at 53,463.88 on Wednesday, ending a four-session winning streak, as selling pressure dominated on heightened concerns over potential US interest rate hikes. The decline followed the release of July's Personal Consumption Expenditures (PCE) price index, which rose 3.7% year-over-year, slightly exceeding market expectations. Investors also remained cautious ahead of semiconductor giant Nvidia's earnings report, waiting to gauge AI demand trends. The tech-heavy Nasdaq Composite also fell 21.10 points to 26,130.20. Notable decliners included Nike and Merck, while Caterpillar gained. The market's reaction reflects ongoing sensitivity to inflation data and its implications for Federal Reserve policy.