Wall Street Slides as Rally Loses Steam; Snap Bucks Trend to Surge in Trading Debut

Wall Street put a pin in the record rally seen a day earlier as financials led Thursday’s move lower near the close, even as expectations ramped up for a March interest-rate hike, which generally benefits banks. Despite the weaker tone, the day’s standout was Snapchat parent Snap (SNAP), which surged in its New York Stock Exchange debut.

Profit taking after Wednesday’s rally, which was fueled by positive reaction to President Donald Trump’s speech to Congress this week, pushed the indices lower early on and held them down through the session. Financials were down 1.3% in the steepest loss on the S&P 500. Energy shares gave back 0.5% as US oil futures traded more than 2% lower.