A steep slide in technology companies pulled U.S. stocks lower Thursday, erasing gains from the previous day.
Investors also sold big-dividend stocks as bond yields rose. Banks and energy stocks bucked the broader market decline. Crude oil prices rose for the sixth straight day.
The shift out of the technology sector came as investors bet central bankers may be ready to lift rates. That spurred many traders to move out of growth sectors, such as technology, and into value stocks, such as banks, said Erik Davidson, chief investment officer at Wells Fargo Private Bank.
“It's been a good day for energy and financials and a terrible day in particular for technology,”...