Stocks Fall After Fed Pushback as Meta Tumbles 13%: Markets Wrap

Wall Street pumped the brakes on a tech rally as Meta Platforms Inc. sank 13% on plans to take on debt to fund its artificial-intelligence push. Bond yields and the dollar rose as the Federal Reserve tempered rate-cut expectations.

While most shares in the S&P 500 actually climbed, a slide in most megacaps dragged down the gauge, which remains on track for its longest streak of monthly gains in four years. While the US and China agreed to a one-year trade truce, several investors saw the deal as mostly priced in.

Stock rally takes a breather.

Photographer: Michael Nagle/Bloomberg

The latest developments gave some reasons for the ...