S&P 500, Nasdaq fall as tech shares give up gains

More than half of the S&P sub-sectors declined, led by communication servicesInflation data in the U.S. is expected to show consumer prices cooled slightly on a month-over-month basis in May but core prices are likely to have remained elevated.

Pressuring stocks, the two-year U.S. Treasury yield and the benchmark 10-year yield climbed after the Bank of Canada raised interest rates, adding to market apprehension around the Fed's interest rate decision. Money market participants now see a 69% chance that the U.S. central bank will skip raising interest rate in its June meeting but will hike in July, down from nearly 77% earlier, according to the CME's Fedwatch tool.

U.S. shares have recently been boosted by a rally in megacap stocks and a stronger-than-expected earnings season, with the S&P 500The fall on Wednesday is reflective of a lack of confidence in investors over the sustainability of the rally, as it is dependent on a small concentration of major names, said Peter Andersen, founder of Andersen Capital Management.

Source: News Formal (newsformal.com)

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