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Stocks End Lower as Investors Back Off From Record Highs

The S&P 500 snaps an eight-day win streak as investors pull back from the previous session's all-time highs Tuesday.

Stocks finished lower Tuesday, as investors injected a note of caution into the markets following the previous session's double-set of all-time highs.

The Dow Jones Industrial Average finished down 112 points, or 0.31%, to 36,319, while the S&P 500, which snapped an eight-day win streak, slipped 0.35%.

The tech-heavy Nasdaq fell 0.6%, dragged down by Tesla  (TSLA) - Get Free Report, which continued to slide after founder and CEO Elon Musk indicated he could sell around 10% of his stake in the clean-energy carmaker.

President Joe Biden reportedly interviewed Fed Governor Lael Brainard for the top job at the central bank, which comes open early next year.

The U.S. Labor Department’s producer price index, which measures wholesale prices, rose 0.6% in October, translating into an 8.6% increase year over year.

Mike Loewengart, managing director of investment strategy with E*Trade Financial, said that though there were no surprises with the PPI read, "it could be viewed as somewhat of a disappointment in that inflation hasn’t eased up in the slightest."

"And punctuated by the highest year-over-year number we’ve seen in a decade, there’s no denying that pricing pressure looms large," he said. "But with CPI on deck, investors may already have their sights set on any potential positive momentum from the read tomorrow."

General Electric  (GE) - Get Free Report shares ended higher after the industrial company unveiled plans to split into three separate companies.

PayPal Holdings  (PYPL) - Get Free Report shares tumbled after the payments group posted stronger-than-expected third-quarter earnings but provided a tepid initial outlook for 2022 profits.

AMC Entertainment  (AMC) - Get Free Report shares were down after the movie theatre chain posted a narrower-than-expected third quarter loss while cautioning there are "more challenges ahead of us still to be met,"

Robinhood Markets  (HOOD) - Get Free Report shares slipped after the online trading group reveal a cybersecurity breach that may have affected more than 5 million customers.

Robinhood said the breach was caused by a 'unauthorized party' who "socially engineered a customer support employee by phone and obtained access to certain customer support systems" and was able to obtain the email address of 5 million customers, alongside the full names of a different group of 2 million clients.