Stock Market Today: S&P 500 snaps five month win streak as losses pile up in April

Investing.com-- The S&P 500 fell Tuesday, snapping a five-month winning streak as data pointing to wage pressure stoked inflation concerns just as the Federal Reserve gets its two-meeting underway.U.S. labor costs increased more than expected in the first quarter, driven by a rising wages and benefits, stoking fresh concerns about inflation just as investor bets on Fed rate cuts continue to cool.increased 1.2% last quarter after rising by an unrevised 0.

Investors have largely priced out the likelihood of rate cuts this summer, with September now seen as the favorite month for the Fed to start a rate-cutting cycle, according to the) stock rose 6% after after the pharmaceutical giant reported better-than-expected earnings for its first quarter, and hiked its full-year guidance on strong sales of its blockbuster diabetes drug Mounjaro and newly launched weight loss treatment Zepbound.

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