Cybersecurity Company Drags Down S&P 500

Oil prices rose on Wednesday following the latest threats to the US-Iran ceasefire, and US stocks retreated from their records. The S&P 500's nine-day winning streak was snapped, Another day of gains would have given the benchmark index its first 10-day winning streak since 1995.

• The S&P 500 fell 56.10 points, or 0.7%, from its all-time high to 7,553.68.
• The Dow Jones Industrial Average fell 620.72 points, or 1.2%, to 50,687.07.
• The Nasdaq composite fell 239.93 points, or 0.9%, to 26,853.98.

Palo Alto Networks helped drag the S&P 500 toward its first drop in 10 days, and it fell 5.6% even though the cybersecurity company reported profit for the latest quarter that topped analysts' expectations, the AP reports. Investors may have been looking for even more after its stock came into the day with a surge of 61.3% for the year so far, more than quintuple the S&P 500's already big 11.2% rise.

Oil prices rose roughly 2% after both the United States and Iran said they launched retaliations for earlier attacks or attempted ones. Treasury yields also climbed in the bond market to further crank up the pressure on stocks.

• Medtronic climbed 5.7% after reporting a stronger profit for the latest quarter than analysts expected. It also increased its dividend payout to investors.
• GameStop rose 6% after the video-game retailer said its revenue in the latest quarter grew 14% from a year earlier. It also announced a program to send up to $2 billion to its investors by buying back its own stock.
• Macy's added 0.6% after swinging between gains and losses through the day. The retailer reported profit for the latest quarter that blew past analysts' forecasts, while saying an overhaul of its merchandise and better customer service is resonating with customers.

Reports released Wednesday on the US economy came in mixed. One from the Institute for Supply Management said that growth for US construction, agricultural, and other services businesses accelerated by more last month than economists expected. That's an encouraging signal for the economy, but the survey also showed businesses are feeling the pinch of higher prices caused by tariffs and more expensive oil. "This is the definition of inflationary pressure starting to affect us," one company in the accommodation and food services industry said in the survey.