US stocks retreated from a record high, ending a multi-day rally that had been spurred along this week by signs of easing inflation.
A late-session dip resulted in the benchmark S&P 500 closing 0.2 per cent lower on Thursday. Wall Street’s benchmark had been as much as 0.3 per cent higher in early trading to set a record intraday high.
Consumer staples was the S&P 500’s best-performing sector, as Walmart shares leapt 7 per cent to a record high, while basic materials was the index’s worst-performing group.
The tech-heavy Nasdaq Composite fell 0.3 per cent, ending a three-session winning streak. The small-cap focused Russell 2000 declined 0.6 per cent.
Traders sold Treasuries, pushing the yield on the two-year note up 0.06 percentage points to 4.80 per cent. The yield on the 10-year note rose 0.02 percentage points to 4.38 per cent.
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