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S&P 500 Halts Rally Near Record as Big Tech Swoons: Closing Bell
Posted
June 11, 2025
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10:05Now PlayingWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Norah Mulinda, & David Gura.
A slide in big tech dragged down stocks, following a rally that drove the S&P 500 to a striking distance of its all-time highs. Earlier gains were fueled by surprisingly benign inflation data that stoked bets on Federal Reserve rate cuts, spurring a drop in bond yields.
Equities halted a three-day advance, with Apple Inc. down about 2% and Tesla Inc. little changed after a nearly 3% surge. In late hours, Oracle Corp. surged after revenue beat estimates. Treasuries also climbed after a solid $39 billion sale of 10-year debt. The advance was led by shorter maturities, with two-year yields dropping below 4%. The dollar hit the lowest since 2023.
US core inflation rose in May by less than forecast, suggesting companies are largely holding back on passing higher tariff costs through to consumers. President Donald Trump said a trade framework with China has been completed, with Beijing supplying rare earths and magnets “UP FRONT” and the US allowing Chinese students into its colleges and universities.
Despite Wednesday’s losses, the S&P 500 has seen a torrid rally from the brink of a bear market in April. Much of the bounce, which topped 20%, has been pinned on hopes that Trump would lower his tariffs after reaching deals with countries around the world.
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