The S&P 500 and Nasdaq ended lower after hitting record highs earlier in the session
The S&P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.
Data indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.
"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.
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