Meta Platforms Inc dragged down markets, with its shares sliding 6.8% following reports that European Union regulators have ruled the company should not require users to agree to personalized ads based on their digital activity.
Since the Fed's last meeting on Nov. 1-2, investors have been more optimistic that price pressures have started to ease, meaning smaller rate hikes could curtail inflation.
Rep. Michael McCaul (R-TX) disclosed a sell-off worth thousands of dollars in Meta stock before shares of the tech giant plummeted in value, filings show.
At Thursday's close, the S&P 500 lost 23.3 points, or 0.61%, to 3,807.3 and the Nasdaq Composite dropped 178.32 points, or 1.63%, to 10,792.68 whereas the Dow Jones Industrial Average was up 194.17 points, or 0.61%, to 32,033.28.
Snap was the first major social media company to release its September-quarter earnings, and its stock tumbled 25% following the disappointing results after the bell.