Stock Rally Hits a Wall as US Inflation Picks Up: Markets Wrap

The blistering run in stocks hit a wall as a pick-up in inflation lifted bond yields alongside the dollar, with traders paring bets the Federal Reserve will cut interest rates next month.

After a 30% surge from its April lows, the S&P 500 barely budged. While the move was mild amid gains in most big techs, over 350 shares fell. Intel Corp. jumped as the US was said to discuss taking a stake in the chipmaker. In late hours, Applied Materials Inc. gave a downbeat forecast.