Stocks reverse gains, Dow retreats from 35,000 level as inflation worries rattle markets

The University of Michigan consumer sentiment index for July came in at 80.8, below the 86.5 Refinitv estimates as consumers expressed concerns over inflation. Consumers expect prices will increase 4.8% over the next 12 months, the most since August 2008. 

This after a separate report showed sales rose 0.6% in June, exceeding the 0.4% decline that analysts surveyed by Refinitiv had expected. 

In the Treasury market, the 10-year note was little changed near 1.33%. 

In stocks, rate-sensitive sectors lagged after early outperformance. 
Banks, including JPMorgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Holdings, pulled back amid concerns over the economy.

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