US stocks retreated from records as investors took profits after the Federal Reserve’s preferred measure of underlying inflation remained stubbornly high last month.
The S&P 500 Index fell 0.7% at 11:10 a.m. in New York, slipping below the key 6,500 level. The gauge is still on track to notch four straight months of gains and finish this week flat. The Nasdaq 100 Index lost 1.2%. Trading volume was a quarter below its 30-day average ahead of the Labor Day holiday. The S&P 500 has dropped 0.1% on average on the Friday before this holiday in the past two decades, according to the Stock Trader’s Almanac.
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