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Wall Street edges lower after Thanksgiving holiday

ASSOCIATED PRESS
                                People huddle outside the New York Stock Exchange, Nov. 21, in New York.
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ASSOCIATED PRESS

People huddle outside the New York Stock Exchange, Nov. 21, in New York.

Stocks edged lower in morning trading on Wall Street today as markets look ahead to updates on inflation and how American consumers are feeling about the economy.

The S&P 500 fell 0.1%. The benchmark index is coming off a holiday-shortened week in the U.S. and its fourth straight winning week.

The Dow Jones Industrial Average fell 49 points, or 0.1%, to 35,340 as of 10:09 a.m. Eastern. The Nasdaq rose 0.1%.

Treasury yields slipped. The yield on the 10-year Treasury fell to 4.44% from 4.47%.

Investors have grown cautiously optimistic that inflation has cooled enough for the Federal Reserve to put a definitive end to its aggressive interest rate hikes. Meanwhile, the broader economy has remained strong enough in the face of rising interest rates and inflation to avoid a recession.

Markets have been rallying on that sentiment and the S&P 500 remains on track to close out November as its best month of the year. Investors will get more updates on the economy this week to help either confirm or soften that sentiment.

On Tuesday the Conference Board issues its latest report on consumer confidence, which has remained solid throughout the year. Economists polled by FactSet expect another solid reading for the October report.

Crude oil prices fell slightly but remain mostly stable ahead of OPEC’s meeting on Thursday. The cartel has maintained tight supplies, though prices have been falling over the last month. Lower energy prices could further ease inflation’s squeeze on consumers and help fuel economic growth.

On Thursday, Wall Street will be closely watching the government’s October data on the Federal Reserve’s preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022.

Stocks in Asia and Europe were mostly lower.

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