Sept. 1 (Bloomberg) -- U.S. stocks erased gains, with financial and consumer-discretionary companies leading losses, as unexpected growth in manufacturing fueled speculation the Federal Reserve will refrain from providing more stimulus.

The Standard & Poor’s 500 Index was little changed at 1,218.45 as of 10:34 a.m. in New York after rallying as much as 0.9 percent following the Institute for Supply Management’s factory index, which topped the median economist forecast in a Bloomberg survey.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net