US Stocks Inch Higher for 8th Week While China Tech Sells Off on Regulatory Fears
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US stocks edged mostly higher on Friday, notching an 8th straight weekly gain. The Dow slipped just under flat while the S&P 500 and Nasdaq rose about 0.2%.
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A fresh read on inflation showed pricing pressures continued cooling in November and are nearing the Fed's 2% target, clearing the way for rate cuts.
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Nike shares plunged nearly 12% after the company warned of weaker sales ahead and announced plans to cut jobs and $2 billion in costs.
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Tencent led an $80 billion sell-off in Chinese tech giants amid fears of a fresh crackdown after Beijing imposed unexpected new gaming rules.
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The UK economy unexpectedly shrank 0.1% in Q3, revising down previous growth estimates and heightening recession fears as the country heads for another quarterly contraction.