Stocks Erase Early Gains as Chipmakers Turn Lower

Stocks erased early gains as chipmakers turned lower, with major indices turning mixed. The S&P 500 fell 0.28%, the Dow rose 0.19%, and the Nasdaq 100 slipped 0.80%, while June E-mini futures were down about 0.25% and 0.74%, respectively. The session followed a stronger-than-expected May existing-home sales print of 4.17 million, up 3.2% month over month, and a tighter-than-expected trade deficit of -$55.9 billion for April. International markets traded higher as exporters posted strong gains, and traders debated a potential rate hike at the upcoming FOMC meeting, with the 10-year Treasury yield around 4.54%. Oil’s tumble supported a risk-off bend in equities.