Stocks had staged a big rally over the past month, after softer-than-expected inflation data raised hopes the Federal Reserve could get less aggressive with interest rate hikes. Retail stocks slumped broadly, including steep declines in shares of Macy's Inc M.N, Best Buy Co Inc BBY.N and Foot Locker FL.N. U.S. Federal Reserve Governor Christopher Waller, an early and outspoken "hawk" in the central bank's efforts to confront inflation, said he is now "more comfortable" with smaller rate increases going forward after recent data showed the pace of price increases slowing.