Wall Street traders drove stocks lower amid a selloff in tech shares that have powered the surge from April's meltdown. That's despite economic data that did little to alter bets on Federal Reserve rate cuts, with bonds and the dollar seeing small moves. Equities fell after a rally that drove the S&P 500 to all-time highs. The market is bracing for what has historically been the weakest month for US shares.
US equities advanced as the S&P 500 and Nasdaq reached record levels, driven by hopes for Federal Reserve rate cuts and soft consumer price data.
U.S. equities faced a notable decline, with the Dow falling 1.32% amid rising geopolitical tensions in the Middle East, reversing earlier market optimism.