The S&P 500 was 0.9% lower in afternoon trading and on track to close out its first losing month in the last six. It’s lost momentum since setting records through the early part of the year, and April is on pace to be its worst month since September.
The yield on the 10-year Treasury rose to 4.66% from 4.61% just before the report’s release. The two-year Treasury yield, which more closely tracks expectations for the Fed, rose back above the 5% level to 5.01% from 4.97% late Monday. GE Healthcare Technologies tumbled 13.2% after it reported weaker results and revenue for the latest quarter than analysts expected. F5 dropped 7.8% despite reporting a better profit than expected. Its revenue fell short of forecasts, and it said customers were remaining cautious and forecasting largely flat IT budgets for the year.