U.S. stocks slide from records as bond market rattles under pressure

The U.S. stock market gave back part of a record rally as bond markets reacted to high inflation by pushing yields higher. The S&P 500 fell 0.5%, the Dow Jones Industrial Average declined 0.3%, and the Nasdaq composite dropped 0.9% after reaching an all-time high. Global markets showed mixed performance, with South Korea’s Kospi down 3.3% as technology stocks weakened, while Germany’s DAX rose 0.4%. Oil prices eased amid uncertainty about how long the Iran war would keep the Strait of Hormuz closed. Investors awaited Nvidia’s quarterly results, which could influence whether technology stocks and the broader market sustain recent gains.

""Every flow has its ebb," Rex Feng, Venu Krishna and other strategists at Barclays Capital wrote in a report. They said investors have been pumping more money than usual into U.S. stock funds, which helped fuel "the fastest rebound in decades; now the pendulum could swing backwards.""

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