Wall Street stumbled to its longest losing streak in more than a month as US stocks gave back more of this year’s big gains.

The S&P 500 fell 0.5 per cent for its third straight drop. The Dow Jones slipped 0.4 per cent, and the Nasdaq composite sank 0.5 per cent. All three indexes are still near their records set at the start of the week.

Wall Street is set to extend its losing streak. Credit: Bloomberg

Stocks felt pressure from reports showing the US economy may be stronger than economists thought. That could make the Federal Reserve less likely to cut interest rates several times in the coming months.

The Australian sharemarket is set to inch higher, with futures at 6.02am AEST pointing to a gain of 4 points, or 0.1 per cent, at the open. The ASX added 0.1 per cent on Thursday.

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