(Bloomberg/Rita Nazareth) — Wall Street traders drove stocks lower amid a selloff in tech shares that have powered the surge from April’s meltdown. That’s despite economic data that did little to alter bets on Federal Reserve rate cuts, with bonds and the dollar seeing small moves.

Equities fell after a rally that drove the S&P 500 to all-time highs. The market is bracing for what has historically been the weakest month for US shares, as institutional investors rebalance, retail traders slow their buying, volatility picks up and corporate buying goes dark.

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While macro events are generally more determinant for the market’s direction, seasonal factors can exacerbate moves triggered by the likes of economi

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