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Nasdaq Falls on Inflation
U.S. stock indexes closed lower on Tuesday, with the Nasdaq falling 0.7% to 25,065.87, the S&P 500 down about 0.4%, and the Dow Jones slipping 0.3%, after inflation came in above expectations and raised concerns that interest rates could continue to rise. The Consumer Price Index increased 0.4% in October from the previous month, compared with forecasts for a 0.3% rise. Core inflation also climbed 0.3% for the third consecutive month, while the yield on 10-year Treasury notes rose to 4.99%. Losses in the technology sector added to pressure on the market: Nvidia shares fell 5.5% amid an investigation involving its CEO, while comments from Federal Reserve officials pointed to the possibility of further monetary tightening.
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