Wall St falls as strong data fuels inflation fears; AMC falls sharply

Wall Street’s main indexes dropped on Thursday, weighed down by high-growth technology stocks, as a raft of upbeat data indicated a strong economic rebound was underway, fanning fears of rising inflation.

The U.S. 10-year Treasury yield ticked up to 1.6% after ADP national employment data showed U.S. private payrolls increased by 978,000 in May, far more than expected, setting an upbeat tone for the closely watched official jobs report on Friday.

A separate report indicated the number of Americans filing new claims for unemployment hit its lowest level since the start of the pandemic.

ISM’s survey showed a measure of U.S. services industry activity increased to a record high in May.