U.S. Stocks Fall From Records, Treasuries Flat: Markets Wrap
- 10-year yield drops from highs after auction, Nafta report
- S&P 500 halts six-day rally, sees first loss of 2018
U.S. stocks fell for the first time this year as shares that serve as bond proxies tumbled on speculation interest rates will continue to rise. Treasuries turned higher in late trading after demand at a 10-year auction was robust and Canadian officials were said to see rising odds that the Trump administration will leave Nafta.
The S&P 500 Index snapped a six-day rally that was the longest since October, with shares in utilities and real-estate firms leading declines. Chipmakers also slumped, while banks rallied on the prospect for higher rates. Canada’s dollar weakened and its two-year bonds surged on the trade-pact report. The 10-year Treasury yield ended little changed after a wild ride that took it toward 2.60 percent on reports that China is considering slowing purchases. Its descent from highs began after a measure of demand at the government auction showed plenty of appetite for the debt.