Both indexes reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.
The S&P 500 fell 0.35 percent to 4,369 points, and the Nasdaq dropped 0.38 percent to 14,678. The Dow Jones Industrial Average fell 0.31 percent to end at 34,889.
Data indicated US consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5 percent year over year, the largest rise since November 1991.
Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell’s long-standing views.
JPMorgan Chase stock fell 1.5 percent after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.
Goldman Sachs dipped 1.2 percent after its quarterly earnings exceeded forecasts.
PepsiCo gained 2.3 percent after raising its full-year earnings forecast, betting on accelerating demand as Covid-19 restrictions continue to ease. (Reuters)