Chipmaker Qualcomm Inc QCOM.O gained 1.7% on a new $10 billion stock buyback plan. "If the recent pace of elevated inflation continues, that could push the Fed to start removing accommodation sooner rather than later, which could hurt stocks and other risk assets," said Nancy Davis, founder of Quadratic Capital Management in Greenwich, Connecticut. JPMorgan Chase & Co JPM.N fell 2.2% and weighed the most on the Dow and the S&P 500 despite its third-quarter earnings beating expectations, helped by global dealmaking boom and release of more loan loss reserves.