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A day after US stocks clocked their best day of the year, they fell from record highs to notch their biggest one-day drop in more than a month.

The S&P 500 ended the day 0.6 per cent lower at 2,381.91, in its biggest one-day drop since January 30. The decline was led by a 1.5 per cent decrease in financials, with utilities the only major sector on the benchmark index to finish the day in the black. Meanwhile, the Dow Jones Industrial Average fell 0.5 per cent to 21,002.97, while the Nasdaq Composite slid 0.7 per cent to 5,861.22.

US stocks have been pushing deeper into record territory as investors anticipate tax reform and fiscal stimulus from President Donald Trump and digest upbeat assessments of the US economy. But investors took some pause on Thursday. Despite the broader risk-off tone in markets, Snap Inc, the owner of vanishing messaging service Snapchat, flourished in its trading debut, finishing the day 44 per cent higher.

And with traders cranking up their expectations of a rate rise by the Federal Reserve as soon as this month, gold prices have come under pressure. The yellow metal, which offers no yield, fell 1.2 per cent to $1,234.31 a troy ounce — its biggest one-day drop since December 15.

Meanwhile, the yield on the US 10-year Treasury note, which moves inversely to price, rose 4 basis points to 2.49 per cent.

Copyright The Financial Times Limited 2017. All rights reserved.
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