Stocks pared losses as a rebound in defensive companies offset a slide in technology shares triggered by a profit warning from Snap Inc.
Gains in sectors such as utilities and consumer staples pushed the S&P 500 off from session lows. The tech-heavy Nasdaq 100 underperformed. Snapchat’s owner tumbled over 40%, leading declines in companies that rely on digital advertising. Homebuilders slumped after a disappointing report on new US home sales. Separate data showed business activity softened.