The Nikkei Stock Average fell 130.18 points to close at 66,131.98 on the Tokyo stock market on August 27, after opening 513.62 points higher at 66,775.78. Early buying focused on semiconductor stocks after Nvidia released earnings following the U.S. market close, but momentum faded quickly as stubborn inflation signaled by U.S. Personal Consumption Expenditures (PCE) data kept concerns about higher interest rates alive. The index moved into negative territory by mid-morning and traded narrowly around the previous session's close as investors squared positions before key events later in the week. Trading volume on the Tokyo Stock Exchange Prime Market was 1.96 billion shares, with trading value of ¥7.87 trillion, approximately $49.4 billion. Advancing stocks represented 45.7% of issues, compared with 49.4% for decliners. Kioxia Holdings, Tokyo Electron, TDK, Ibiden, Murata Manufacturing, SCREEN Holdings and Kyocera rose, while Advantest and Disco fell. Advantest was hit by sell-the-news pressure after Nvidia earnings expectations had largely been priced in. Wire and cable companies, BayCurrent Consulting, Olympus, SoftBank Group, Trend Micro, Nitori Holdings and Fanuc also advanced, while Fast Retailing, Chugai Pharmaceutical, Yamaha Motor, KDDI, Sumitomo Metal Mining, HOYA, Konami Group, Bandai Namco Holdings, Astellas Pharma, Nissan Chemical, Nintendo and Shionogi & Co. declined. Nonferrous metals, oil and coal products, and textile products gained by sector, while other products, precision instruments and pharmaceuticals weakened. The Nikkei's 75-day moving average near 66,400 is viewed as overhead resistance, encouraging selling on rallies until the index clearly breaks above it. In the U.S., the Dow Jones Industrial Average fell 113.52 points to 53,463.88 and the Nasdaq declined 21.10 points to 26,130.20. PCE-linked inflation concerns weighed on sentiment, although lower crude oil prices offered support. Attention is now turning to Fed Chair Warsh's speech at the Jackson Hole Symposium scheduled for August 28, with investors seeking clues on the direction of monetary policy.