Stocks See Worst Selloff Since October as Rate-Cut Bets Trimmed

Plunging tech stocks pushed US equity indexes to their sharpest drawdown in a month, snapping a four-session winning streak in the process, as traders fret a slower pace of interest rate cuts as they await a deluge of economic data.

The S&P 500 Index closed 1.7% down, dragged lower by the information technology and consumer discretionary sectors. Nearly three stocks fell for every one that gained. Walt Disney Co. was among the worst-performing stocks in the index, falling as fiscal fourth-quarter revenue missed estimates and said film studio expenses will weigh on results.