Stocks Turn Lower, Bonds Hold Gains Ahead of CPI: Markets Wrap
- Financial stocks drop the most, while health-care shares jump
- Ten-year yields fall after auction of $38 billion of the notes
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U.S. stocks closed lower while bonds held gains as investors braced for a key inflation report that could provide clues on the direction of monetary policy.
The S&P 500 ended the session with a 0.2% decline after earlier climbing above its May 7 record closing level. Large banks were among the biggest drags on the index, offset in part by megcap technology and biotech stocks. The 10-year Treasury yield fell below 1.5% after an auction of the notes.