U.S. stocks fell for the first time in five days as hopes faded for de-escalation in the war in Ukraine and investors assessed the risks to economic growth from accelerating inflation. Oil rebounded from a two-day slide.
The S&P 500 extended declines in afternoon trading, and the tech-heavy Nasdaq 100 slid 1.1%. Apple Inc. fell, ending its longest rally since 2003. Treasuries rose across maturities, after a brief inversion in a segment of the curve on Tuesday signaled the prospect of a recession. In Europe, short-dated notes led a selloff as traders bet higher-than-expected inflation will force policy makers to end their era of negative rates.