‘Sell in May & go away?’ US stocks pare biggest rally since Nov

The S&P 500 trimmed its biggest monthly advance since November, with energy and tech shares leading losses on Friday.

Stocks dropped from a record as traders assessed corporate earnings, economic data showing potential inflation pressures and hawkish remarks from a Federal Reserve official. The dollar climbed. The S&P 500 trimmed its biggest monthly advance since November, with energy and technology shares leading losses on Friday. Twitter Inc. sank as the social media company posted a sluggish start to the year in its advertising business. Despite living up to Wall Street’s profit expectations, Chevron Corp. slid after disappointing investors who were anticipating a revival of buybacks. Signs of excess risk taking in markets show it’s time to start debating a reduction in bond purchases, said Robert Kaplan, president of the Dallas Fed, breaking ranks with Chairman Jerome Powell. Data showed personal incomes soared in March by the most in monthly records back to 1946, powered by fiscal stimulus. A key measure of consumer prices that the Fed officially uses for its target had the biggest increase since 2018.