U.S. stocks retreated from record highs at midday Wednesday as hotter-than-expected economic data and a renewed surge in Treasury yields revived fears the Federal Reserve could soon raise interest rates.

The S&P 500 fell 0.6% to around 7,568, putting a nine-session winning streak in jeopardy. A late-day rebound back into positive territory would instead stretch the run to 10 days, its longest since 1995.

Treasuries Sold Off Sharply

The yield on the 10-year note climbed about 6 basis points to 4.50%, the 2-year rose to 4.10%, and the 30-year held at 5.00%.

The move followed ADP data showing the private sector added 122,000 jobs in May, above forecasts and the strongest reading since January 2025, alongside a stronger-than-expected ISM Services index at 54.5 and a 4.8% jump in factory orders.

The Nasdaq 100 dipped 0.5% to about 30,513 as the rise in yields hammered the largest growth names. Within Magnificent Seven stocks, Microsoft Corp. (NASDAQ:MSFT) fell 3.4%, Nvidia Corp. (NASDAQ:NVDA) dropped 3.0% and Amazon.com Inc. (NASDAQ:AMZN) lost 2.4%.

The small-cap Russell 2000 underperformed, falling 1.2%.

Meanwhile, the latest Iranian strikes and a sharp drop in U.S. crude inventories lifted oil for a third straight session.

West Texas Intermediate crude rose 2.5% to trade above $96 a barrel, while Brent climbed 2.0% toward $98, extending a third consecutive daily advance after government data showed U.S. crude inventories fell by roughly 8 million barrels last week, far more than expected.

Gold pulled back from recent strength, sliding 1.1% to about $4,440 an ounce as the stronger dollar and rising real yields sapped demand, dragging the SPDR Gold Shares (NYSE:GLD) lower. Silver fell 2.3%.

Bitcoin (CRYPTO: BTC) fell for the fourth straight session to $65,900, reaching lows last seen in late March.

Wednesday’s Performance In Major US Indices

Index	Last	% Change
S&P 500	7,567.66	-0.6%
Dow Jones	50,900	-0.8%
Nasdaq 100	30,513	-0.5%
Russell 2000	2,897.89	-1.2%

According to Benzinga Pro:

• The Vanguard S&P 500 ETF (NYSE:VOO) fell 0.6%.
• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) slid 0.8%.
• The Invesco QQQ Trust (NASDAQ:QQQ) edged down 0.5%.
• The iShares Russell 2000 ETF (NYSE:IWM) dropped 1.2%.

Energy Leads As Oil Reclaims $96, Software Rout Sinks Tech

The Energy Select Sector SPDR Fund (NYSE:XLE) was the standout sector, climbing 2.1% as crude extended its rally. At the other end, the Financial Select Sector SPDR Fund (NYSE:XLF) fell 1.5% and the Communication Services Select Sector SPDR Fund (NYSE:XLC) dropped 1.5%, while the Technology Select Sector SPDR Fund (NYSE:XLK) slid 1.0%. 

The energy strength was most pronounced in the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP), up 2.2%, and the VanEck Oil Services ETF (NYSE:OIH), up 1.2%. The clearest pain came from the iShares Expanded Tech-Software Sector ETF (BATS:IGV), which tumbled 4.1% in the day’s worst industry showing.

The SPDR S&P Regional Banking ETF (NYSE:KRE) fell 2.0%, and falling bullion sent the VanEck Gold Miners ETF (NYSE:GDX) down 2.7% and the SPDR S&P Metals & Mining ETF (NYSE:XME) off 2.6%.

Marvell Technology Inc. (NASDAQ:MRVL) bucked the tech weakness, surging 5% to extend its prior-session rally after Nvidia CEO Jensen Huang said the chipmaker could become the next trillion-dollar company. 

Marvell has now rallied over 50% in the past three sessions, on pace for the strongest rally since October 2001.

Wednesday’s Russell 1000 Top Gainers

• GameStop Corp. (NYSE:GME) jumped 7.2% after the company approved a new $2.0 billion share buyback and submitted a non-binding bid to acquire eBay at $125 per share, on the heels of a record-profit first quarter. 
• Acadia Healthcare Company Inc. (NASDAQ:ACHC) rose 7.1% on a wave of analyst upgrades, with Jefferies moving to Buy and a $30 target, Raymond James lifting the stock to Strong Buy with a $39 target and Guggenheim raising its target to $31 on stronger first-quarter volumes.
• Texas Pacific Land Corp. (NYSE:TPL) climbed 6.9%, riding the surge in crude.
• Versigent PLC (NYSE:VGNT) gained 6.2%.
• CarMax Inc. (NYSE:KMX) advanced 6.2%

Name	% change
GameStop Corp.	+7.17%
Acadia Healthcare Company, Inc.	+7.08%
Texas Pacific Land Corporation	+6.88%
Versigent PLC	+6.24%
CarMax, Inc.	+6.19%

Wednesday’s Russell 1000 Top Losers

• Global Payments Inc. (NYSE:GPN) sank 12.6%, extending a recent downtrend tied to deal concerns and broad fintech weakness.
• ZoomInfo Technologies Inc. (NASDAQ:GTM) dropped 11.4%, deepening its post-earnings collapse after the company slashed full-year 2026 revenue guidance and cut 20% of staff in May, prompting downgrades from Jefferies and Stifel to Hold with $4 targets, and price-target cuts from RBC and Morgan Stanley.
• Aurora Innovation Inc. (NASDAQ:AUR) fell 9.9% as rising Treasury yields hit high-beta, pre-revenue names hardest, with no fresh company news but renewed concern over cash burn and execution risk around its 2026 driverless launch. 
• BILL Holdings Inc. (NYSE:BILL) slid 8.3%, caught in the broad software and fintech sell-off. 
• AST SpaceMobile Inc. (NASDAQ:ASTS) dropped 7.9%, giving back part of a roughly 54% surge over the past month as traders took profits ahead of its mid-June satellite launches.

Name	% change
Global Payments Inc.	-12.61%
ZoomInfo Technologies Inc.	-11.39%
Aurora Innovation, Inc.	-9.91%
BILL Holdings, Inc.	-8.30%
AST SpaceMobile, Inc.	-7.88%

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