Stocks Fall as US Services Flash Warning Signals: Markets Wrap

Stocks wiped out gains after data showed weakening US services amid sticky price pressures, raising concern about the Federal Reserve’s policy challenges. Short-dated Treasuries underperformed. Oil sank as Russia was said to mull an air-truce with Ukraine.

Following a rally that put the S&P 500 on the brink of all-time highs, the benchmark lost steam. A gauge of chipmakers slid more than 1%. In late hours, Advanced Micro Devices Inc. gave a stronger-than-expected sales forecast, but warned that its access to the crucial China market remains uncertain. Super Micro Computer Inc. tumbled after its results missed expectations.