Stocks Flat as Retail Sales Fuel Inflation Fears, While Earnings Beat Estimates Despite Headwinds
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Stocks ended Tuesday little changed as Treasury yields rose on stronger-than-expected retail sales, stoking inflation and rate hike concerns.
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Retail sales jumped 0.7% in September, suggesting consumer demand may keep pushing prices up. Markets now see 15% chance of a rate hike in two weeks.
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Nvidia shares sank on expanded U.S. restrictions on advanced chip sales to China, hampering AI capabilities.
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Bank of America and Johnson & Johnson beat profit estimates on loan growth and pharma/medical device sales, though JNJ vaccine revenue dropped.
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Goldman Sachs profit fell 33% on real estate impairments and consumer banking losses, though trading revenue increased on volatility.
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