U.S. stocks retreated from record highs at midday Wednesday as hotter-than-expected economic data and a renewed surge in Treasury yields revived fears the Federal Reserve could soon raise interest rates.

The S&P 500 fell 0.6% to around 7,568, putting a nine-session winning streak in jeopardy. A late-day rebound back into positive territory would instead stretch the run to 10 days, its longest since 1995.

Treasuries Sold Off Sharply

The yield on the 10-year note climbed about 6 basis points to 4.50%, the 2-year rose to 4.10%, and the 30-year held at 5.00%.

The move followed ADP data showing the private sector added 122,000 jobs in May, above forecasts and the strongest reading since January…

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