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.