Stocks Decline for Second Straight Week on Rate Worries as Yields Climb, Sentiment Drops
• S&P 500 fell for the second straight week amid worries that the Fed will maintain higher interest rates for longer • Treasury yields rose ahead of next week's Fed meeting, reducing expectations for a rate cut in June • University of Michigan consumer sentiment dropped, missing estimates and signaling weakening consumer strength • Tech stocks declined due to rising yields; Adobe fell sharply on disappointing revenue guidance • Micron bucked the selloff after Citi touted its AI exposure, while Ulta Beauty fell on weak profit forecast