The benchmark index wavered earlier in the day, flirting with a ninth straight day of gains that would’ve marked its longest winning streak since 2004. But demand at an afternoon Treasury auction proved weak, sending longer-term yields higher and pressuring stocks.
U.S. indexes ended down. The S&P 500, Nasdaq and the Dow all fell by 0.6% or more.
Disney rallied after reporting forecast-beating earnings and $2 billion of cost cuts.
Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.629%. The 30-year yield also climbed.
Oil rose. Benchmark U.S. crude, which closed Wednesday at its lowest price since July, traded near $76 a barrel.
Data showed China slipping back into deflation, highlighting Beijing’s challenges in reinvigorating domestic demand.