U.S. Stock Rally Fizzles as Tech Drops, Oil Slumps: Markets Wrap
- S&P 500 reverses gains spurred by Senate tax-cut measure
- Pound erases advance after Brexit talks end without a deal
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U.S. stocks edged lower as selling in technology shares overwhelmed an advance by companies poised to benefit from proposed cuts to corporate taxes. The dollar strengthened and oil slumped.
The S&P 500 Index reversed gains of as much as 0.9 percent and the tech-heavy Nasdaq fell as investors assessed a rally that’s propelled stocks to numerous records this year. An index of the biggest tech shares slumped to a five-week low as investors switched out of the sector. The yield on benchmark U.S. debt climbed after the Senate’s passage of the legislation early Saturday drew focus away from the investigation into connections between President Donald Trump’s aides and Russia.