NEW YORK, June 8 (Xinhua) -- U.S. stocks dropped on Wednesday, snapping a two-day winning streak.

       The Dow Jones Industrial Average decreased 269.24 points, or 0.81 percent, to 32,910.90. The S&P 500 dipped 44.91 points, or 1.08 percent, to 4,115.77. The Nasdaq Composite Index dropped 88.96 points, or 0.73 percent, to 12,086.27.

       Ten of the 11 primary S&P 500 sectors ended in red, with real estate and materials down 2.43 percent and 2.1 percent, respectively, leading the laggards. Energy rose 0.15 percent, the lone gaining group.

       Investors monitored developments in the bond market. The yield on the benchmark U.S. 10-year Treasury hovered above 3 percent on Wednesday afternoon, and the yield on the 30-year Treasury note also advanced. Rising bond yields broadly represent a tightening of financial conditions and are a valuation headwind.

       Meanwhile, investors are awaiting the May U.S. consumer price index report due on Friday, as inflation remains a focus on Wall Street.

       The Federal Reserve raised interest rates by 50 basis points in May and signaled more hikes ahead in an effort to combat surging inflation.

       With the Fed getting aggressive on rates, some have worried that it could have a detrimental effect on the economy.