Stock markets edged lower ahead of a speech by Federal Reserve chair Janet Yellen, but shares in Snapchat parent Snap (SNAP.K) continued to soar after yesterday's blockbuster debut.
The S&P 500 fell five points to 2,376 while the Dow Jones was down 23 points at 20,980 ahead of Yellen's speech this afternoon. Investors will be looking for signs of a more hawkish tone, after comments from Fed policymakers William Dudley and John Williams this week prompted a rush to price in an interest rate rise this month.
But the cautious outlook did not extend to Snap, which jumped a further 14.8% to $28.19, after yesterday's 44% rally on its first day of trading.
Investors were buoyed by news that NBC Universal had invested $500 million in the company.