Stocks erased gains on speculation, the rally that followed softer inflation data went too far, with The Federal Reserve is still determined to keep its monetary policy tight. Bond yields rose.
The S&P 500 eased after an advance that topped 1% earlier in the day and put the gauge near 50% Fibonacci retracement level for current bear market. Some analysts attributed the recent surge to short covering. Tech was weak after a rally that sent the Nasdaq 100 more than 20% above June lows. Big names like Tesla Inc. AND Amazon.com Inc. sank.