THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
The benchmark S&P 500 index declined Friday ahead of this week's closely watched Jackson Hole, Wyoming, conference. Fed officials have used the event in previous years to hint at changes in policy. Shares of security software maker Palo Alto Networks jumped more than 12% before the bell Monday after the California company reported better profit than expected after the bell on Friday.
Tech and other high-growth stocks are seen as some of the biggest losers due to higher rates. Several are down more than 10% from this year’s highs.
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