Stocks Wipe Out CPI-Fueled Gains as JPMorgan Sinks: Markets Wrap

Wall Street traders sent stocks lower as inflation data failed to alter bets on a pause in Federal Reserve rate cuts while JPMorgan Chase & Co. led a slide in banks after its results. Bonds wavered. The dollar rose.

Signs that price pressures are gradually abating gave a degree of comfort to investors in the immediate aftermath of the data, but the moves across asset classes waned as the session progressed. The S&P 500 fell from a record. JPMorgan sank 4.2% as investment-banking fees missed the guidance, with revenue from both underwriting and advising on mergers dropping.