The benchmark index wavered earlier in the day, flirting with a ninth straight day of gains that would’ve marked its longest winning streak since 2004. But demand at an afternoon Treasury auction proved weak, sending longer-term yields higher and pressuring stocks.
The declines accelerated after Fed Chair Jerome Powell said that the central bank’s progress against inflation is “not assured,” leaving open the possibility for more interest-rate hikes.
U.S. indexes ended down. The S&P 500, Nasdaq and the Dow all fell by 0.6% or more.
Disney rallied after reporting forecast-beating earnings and $2 billion of cost cuts.
Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.629%. The 30-year yield also climbed.
Oil rose. Benchmark U.S. crude, which closed Wednesday at its lowest price since July, traded near $76 a barrel.
Data showed China slipping back into deflation, highlighting Beijing’s challenges in reinvigorating domestic demand.
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