Stocks edge lower on Wall Street, led by weakness in tech

By DAMIAN J. TROISE
AP Business Writer

Stocks edged lower in afternoon trading on Wall Street Wednesday, pulled down by losses in big technology and communications companies. The S&P 500 fell 0.4% and the Dow Jones Industrial Average fell 0.3%. The tech-heavy Nasdaq lost 0.7%. Chipmaker Advanced Micro Devices shed 4.4%. Investors were discouraged to see a reading on inflation that came in hotter than expected, and Treasury yields rose as a result. Consumer prices rose 6.2% in October over a year ago, the highest inflation rate since 1990. DoorDash jumped after reporting surprisingly strong results. Rivian Automotive soared in its stock market debut.