U.S. equities and stock exchange traded funds hit new intra-day highs but lost their momentum Thursday as technology sector weighed on the markets.

The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEARCA: SPY), iShares Core S&P 500 ETF (NYSEARCA: IVV) and Vanguard 500 Index (NYSEARCA: VOO), were 0.6% lower Thursday.https://www.etftrends.com/quote/SPY

Weighing on the markets, technology companies in the S&P 500 declined 1.2%.

U.S. markets initially started the day off on a positive note, rising on a number of strong quarterly earnings, led by Facebook (NasdaqGS: FB) and Verizon (NYSE: VZ), Reuters reports.

“Technology stocks are beating estimates by a large margin and most tech companies are growing at a core, organic rate without the economy growing too much,” Aaron Clark, portfolio manager at GW&K Investment Management, told Reuters.

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