S&P 500 Set for Longest Losing Streak in a Month: Markets Wrap

Stocks fell as valuation worries overshadowed data showing the economy is holding up. The figures didn’t have much of an impact on Federal Reserve bets, but bond yieldsrose. Bitcoin sank.

Following a series of all-time highs, the S&P 500 dropped for a third straight session, the longest slide in a month. That’s despite data showing US gross domestic product grew at the fastest pace in nearly two years.

Wall Street parses data.

Photographer: Michael Nagle/Bloomberg

“We agree that the economy is strong and growing,” said Chris Zaccarelli at Northlight Asset Management, “but a lot of that good news is already priced in. Where we have ...