S&P 500 Halts Rally Near Record as Big Tech Swoons: Markets Wrap

A slide in big tech dragged down stocks, following a rally that drove the S&P 500 to a striking distance of its all-time highs. Earlier gains were fueled by surprisingly benign inflation data that stoked bets on Federal Reserve rate cuts, spurring a drop in bond yields.

Equities halted a three-day advance, with Apple Inc. down about 2% and Tesla Inc. little changed after a nearly 3% surge. In late hours, Oracle Corp. surged after revenue beat estimates. Treasuries also climbed after a solid $39 billion sale of 10-year debt. The advance was led by shorter maturities, with ...