Stock losses mount as investors eye earnings, inflation

A late-afternoon sell-off wiped out gains for stocks on Wall Street Thursday and sent major indexes deeper into losing territory for the year.

The S&P 500 lost 1.1% and the Dow Jones Industrial Average fell 0.9%. The Nasdaq slumped 1.3% after rising by 2.1% earlier in the day, mostly due to a reversal in technology stocks.

As investors prepare for higher interest rates, shares in pricey tech companies and other expensive growth stocks look relatively less attractive.

The major indexes yo-yoed between gains and losses throughout the day.

Stocks are headed for weekly losses in what has so far been a losing month.