US Stocks Cut Gains to Trade Lower

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US stocks reversed early gains to trade in the red on Thursday, with both the S&P 500 and the Nasdaq losing about 0.4% and the Dow Jones declining nearly 200 points. Traders digest the latest CPI report which showed the headline inflation rose more than expected to 3.4% while the core rate fell less than anticipated to 3.9%, prompting investors to lower bets for a rate cut by the Fed in March to around 65% from 70%. At the same time, initial claims came below expectations. Utilities was the worst performing sector. On the corporate front, Apple lost nearly 1% and Tesla fell almost 3% while Microsoft gained nearly 0.6% and passed Apple as the most valuable U.S. company. Meanwhile, JPMorgan (-1.2%), Bank of America (-2.1%), Wells Fargo (-1.3%) and Citigroup (-2.9%) were in the red, with the latter announcing it would take over $3 billion in one-time reserves and expenses as part of its upcoming fourth-quarter results.

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