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US Stocks Lose Ground in Uneven Trade  12/01 10:57

   Stocks fell in uneven trading on Wall Street Thursday and bond yields pulled 
back after the government reported that a measure of inflation that's closely 
watched by the Federal Reserve eased in October.

   NEW YORK (AP) -- Stocks fell in uneven trading on Wall Street Thursday and 
bond yields pulled back after the government reported that a measure of 
inflation that's closely watched by the Federal Reserve eased in October.

   The S&P 500 fell 0.5% as of 10:19 a.m. Eastern. The benchmark index was 
roughly split between gainers and losers, but some big tech stocks weighed down 
the broader market.

   Salesforce slumped 10.4% as Bret Taylor said he would resign as co-CEO of 
the customer-management software developer.

   The Dow Jones Industrial Average fell 335 points, or 1%, to 34,236 and the 
Nasdaq rose 0.6%.

   Major indexes are coming off of their second straight month of gains.

   Yields on both short-term and long-term bonds fell. The yield on the 10-year 
Treasury, which influences mortgage rates, edged lower to 3.60% from 3.61% late 
Wednesday.

   Investors are reviewing the latest update on inflation. A measure of 
inflation that is closely monitored by the Fed eased in October. Wall Street 
has been closely watching any updates about inflation to get a better sense of 
whether the Fed will tone down its aggressive interest rate increases.

   The central bank has been deliberately slowing the economy in order to tame 
stubbornly hot inflation. Prices have been falling, but still remain 
historically high.

   Fed Chair Jerome Powell said Wednesday that the central bank could begin 
moderating its pace of rate hikes as soon as December, when its policymaking 
committee will hold its next meeting. The Fed, though, has been very clear 
about its intent to continue raising interest rates until it is sure that 
inflation is cooling.

   The Fed has raised its benchmark rate six times since March, driving it to a 
range of 3.75% to 4%, the highest in 15 years. Wall Street expects as much and 
expects the benchmark rate to reach a peak range of 5% to 5.25% by the middle 
of 2023.

 
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