The S&P 500 retreated from a record high to start the second quarter of 2024 on the back foot, with Treasury yields rising as resilient economic data prompting traders to reassess their bets on rate cuts this year.

Despite opening in positive territory on Monday, Wall Street’s benchmark swung to close 0.2 per cent lower as the as real estate, industrials and healthcare groups slipped.

Overall, almost three-quarters of the S&P 500’s constituents fell, with pharmacy operator Walgreens Boots Alliance the worst performer with a 9.9 per cent drop.

The tech-dominated Nasdaq Composite added 0.1 per cent.

Shares in Amazon, Microsoft, Meta, Nvidia and Alphabet rose while Tesla and Apple lost ground.

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