U.S. stocks fell, after the Standard & Poor’s 500 Index reached a record, as investors weighed federal budget negotiations and better-than-estimated economic data to gauge the timing of any Federal Reserve stimulus cuts.
U.S. stock-index futures extended losses and Treasuries rallied after gross domestic product grew less than estimated in the second quarter, adding to concern the economic rebound is slowing as the federal government inches closer to default. Gold gained.
Silver, heating oil and gold led declines in commodities while Treasuries rose and U.S. benchmark stock indexes traded at or near all-time highs. European equities retreated from the highest level since 2008 while Italian bonds advanced as the nation sold debt.