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U.S. stocks were lower after the latest reading on wholesale inflation came in hotter than expected.
The producer price index increased 9.6% in November over the previous year and 0.8% on a monthly basis, according to data released Tuesday by the Bureau of Labor Statistics.
The Dow Jones Industrial Average fell 117 points, or 0.33%, while the S&P 500 and Nasdaq Composite declined 0.95% and 1.47%, respectively.
|I:DJI||DOW JONES AVERAGES||35535.99||-114.96||-0.32%|
|I:COMP||NASDAQ COMPOSITE INDEX||15133.143534||-280.14||-1.82%|
The latest inflation check comes ahead of the Federal Reserve’s two-day policy meeting, in which the central bank is expected to initiate a faster tapering of its bond-buying program and signal it will raise interest rates next year in an effort to mitigate inflation. Investors will be watching closely to see how the Fed's tapering plans are impacted by the spread of the omicron variant and a recent uptick in COVID-19 cases.
|FB||META PLATFORMS INC.||329.83||-4.66||-1.39%|
Inflation is weighing on big tech stocks on Tuesday, sending shares of Apple, Amazon, Microsoft, Google, Facebook, and Nvidia lower, while uncertainty surrounding COVID-19 is causing oil to struggle for the second day, trading just above the $70 per barrel mark.
STOCK FUTURES SLIP AHEAD OF FED MEETING
On the economic data front, the National Federation of Independent Business' small business optimism index jumped to 98.4 in November from a six-month low of 98.2 in October. The number of small business owners who expect better conditions over the next six months fell one point in November and 18 points in the past four months to the lowest reading since November 2012.
|LVLU||LULU’S FASHION LOUNGE HOLDINGS INC.||11.42||-0.07||-0.61%|
After the bell, investors will be watching earnings from Lulu's Fashion Lounge.
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In other market news, Tesla shares dipped 1.55% on Tuesday after CEO Elon Musk sold more stock on Monday. Musk said Tuesday that Tesla will begin accepting Dogecoin as payment for some products, causing the cryptocurrency to soar more than 23%.
"Tesla will make some merch buyable with Doge & see how it goes," the electric-car maker’s chief executive wrote in a tweet.
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