S&P 500 Drops 0.7% as Nine-Day Streak Nears End

Stocks cooled on Wednesday as the S&P 500 fell 0.7%, erasing early-week gains and putting a potential tenth straight advance in jeopardy—the longest streak since 1985. The pullback follows the index’s ninth consecutive close higher on June 2, a run that lifted the benchmark 3.5% amid AI-driven rallies and record closes for all three major indexes. Rising oil prices and Treasury yields, fueled by Middle East tensions, added pressure after strong Q1 earnings had powered the prior two-month advance. Market breadth remains narrow, concentrated in tech names, while strategists warn further gains may stall without easing geopolitical risks.