S&P 500 Falls After $16 Trillion Surge From Lows: Markets Wrap

Wall Street traders sent stocks lower after a series of all-time highs spurred calls for a breather amid signs of buyer exhaustion. Bonds rose as a $58 billion Treasury sale drew solid demand.

The ebullience driven by artificial intelligence gave way to concerns about the rally being excessive after a $16 trillion surge in the S&P 500 from its April lows. Tech giants dragged down the index amid a report that Oracle Corp.’s cloud margins are lower than many estimate. Tesla Inc. sank over 4% after introducing new versions of its top-selling models priced at under $40,000.