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US stocks pared earlier losses in the final three hours of trading. The S&P 500 finished down 0.2%, the Dow ended roughly flat, and the Nasdaq fell 0.7%. A hotter-than-expected April CPI report reinforced concerns that higher energy costs could weigh on corporate earnings, bolstering market expectations that the Federal Reserve will keep rates unchanged for the rest of the year, despite recent signs of labor-market strength. Shares of Alphabet, Amazon, Microsoft, and Tesla each declined more than 1%, while Nvidia and Apple reversed course to close higher. Semiconductor and memory manufacturers also retreated after South Korea signaled it may introduce a universal dividend policy to address the recent surge in AI infrastructure stocks, pushing Broadcom and AMD down about 2%. Elsewhere, telehealth provider Hims & Hers sank 15% after its first-quarter results fell short of analysts’ forecasts.
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