Stocks Snap Rally; Yields Drop to February Lows: Markets Wrap
- S&P 500 had closed at record highs for seven-straight sessions
- Didi tumbles amid China crackdown; energy shares led slump
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U.S. stocks fell, snapping a streak of seven consecutive closing record highs, as a plunge in Treasury yields to the lowest since February weighed on banks and small caps. A gauge of the dollar strengthened and crude oil dropped from a six-year high.
The benchmark S&P 500 was led lower by the energy and financial sectors, ending the rally of record closes that was the longest since 1997. Amazon.com pushed the Nasdaq 100 to another all-time high. Ride-hailing firm Didi Global Inc. plunged 20% after a Chinese regulator ordered the removal of its platform from app stores, days after its U.S. listing. Yields dropped earlier as a gauge of service-sector activity faltered.