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US stocks fell on Tuesday as investors trod carefully on the eve of a closely watched consumer inflation report seen as key to the path of interest rates.
The Dow Jones Industrial Average (^DJI) closed down over 0.3% after muted trading throughout the session, while the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) also fell around 0.3% after all three gauges started the week with small losses.
Alphabet (GOOG, GOOGL), which initially boosted the overall tech sector in early trade, saw shares close over 5% higher after the Google parent claimed breakthroughs in quantum computing through the use of its new Willow quantum chip.
While stocks are broadly muted, they are not far off from record highs as investors wait for Wednesday's update on consumer prices. Hopes are that the November inflation reading will provide further evidence of a "soft landing" for the economy, justifying widespread bets on a Federal Reserve rate cut in December.
Elsewhere in individual stock moves, Oracle (ORCL) shares fell around 7% after its quarterly revenue fell short in the face of tough cloud competition.
Investors also weighed chipmaker Taiwan Semiconductor Manufacturing Co.'s (TSM, 2330.TW) report of a 34% year-on-year jump in revenue in November. While the sales number suggested sustained AI demand, it was also a decline from the previous month's reading. The Apple (AAPL) and Nvidia (NVDA) suppliers' stock slipped nearly 3%.
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