Snap plunges as Wall Street loses ground
Wall Street closed lower on Thursday, pulled down by lower-than-expected sales at major US department stores and a selloff in Snap.
The Snapchat owner was among the biggest losers after the messaging app posted disappointing results for the first quarter.
Its shares tumbled 21% on slowing user growth and revenue in its first results as a public company.
The Dow Jones fell 23.6 points to 20,919.4.
Shares of department store operator Macy's shed 17% after its quarterly results were released, leading a broader sell-off of retail stocks.
Kohl's and Nordstrom, which also reported on Thursday, closed down almost 8%, with firms such as Target and Ralph Lauren not far behind.
"It's a gut check about the health of the consumer," said Phil Blancato at Ladenburg Thalmann Asset Management. "It's a canary in the coalmine moment."
Bank stocks were weighed down by Wells Fargo, which fell nearly 2% after investors were underwhelmed by a cost-cutting plan unveiled on Thursday.
The bank, which has been rocked by a a fake account scandal, failed to convince investors it was now on the right path.