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Oil prices fell, moving closer to levels not seen since the war in Iran began in February.
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The personal consumption expenditures price index was expected to show a 4.1% annual increase.
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Apple's stock slides after company unveils price rises linked to ‘unprecedented' cost of memory chips
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The tech giant cited the soaring costs of memory and storage chips as it increased prices more than $200 on some devices.
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Consumer spending in May remains strong despite quickly rising prices.
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