"Market Anxiety: Wall Street Plunges as CPI Inflation Data Looms"
Wall Street's main indexes dropped as investors awaited inflation data and digested concerns over Americans' increasing credit card debt. The Dow fell 0.03%, the S&P 500 lost 0.16%, and the Nasdaq dropped 0.58%. Traders are closely watching the Consumer Price Index (CPI) for July, which is expected to show a slight acceleration. Rate-sensitive megacap growth and technology stocks, such as Nvidia, Apple, and Tesla, were down. Additionally, big banks extended losses, and China's consumer sector fell into deflation. However, energy stocks rose, and casino owner Penn Entertainment surged on a sports betting business deal with Walt Disney's ESPN. Lyft shares tumbled despite a strong earnings forecast, as the company signaled competitive pricing to catch up with Uber.