Technology were also under pressure after Snapchat parent Snap (NYSE: SNAP) plummeted 20% after the appmaker said Wednesday that it was struggling to maintain strong user growth, the Wall Street Journal reports.
Despite the recent setbacks, the S&P 500 is still on track to post 13% year-over-year earnings growth for the first quarter, supporting the record run in U.S. equities and easing concerns of lofty valuations.
“You have your normal first-quarter seasonal issues,” David Donabedian, chief investment officer of CIBC Atlantic Trust Private Wealth Management, said, “but generally, the first-quarter earnings season gave equities a good boost.”
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