U.S. stocks retreat amid rate hike concerns

U.S. stocks ticked down in the morning session Thursday, as Wall Street assessed the possibility of a March rate hike.

By midday, the Dow Jones Industrial Average fell 44.35 points, or 0.21 percent, to 21,071.20. The S&P 500 lost 9.09 points, or 0.38 percent, to 2,386.87. The Nasdaq Composite Index decreased 25.45 points, or 0.43 percent, to 5,878.58.

Federal Reserve Governor Lael Brainard -- a known dove in the central bank's monetary policy committee -- reportedly said Wednesday evening that the Federal Reserve could raise rates "soon," citing an improved global economy.

Market expectations for a March rate hike were around 75 percent, according to the CME Group's FedWatch tool.

In corporate news, Snap made its trading debut on the New York Stock Exchange on Thursday, notching the largest technology initial public offering since Alibaba. Around midday, shares of Snap spiked over 48 percent.

On the economic front, in the week ending Feb. 25 the advance figure for seasonally adjusted initial jobless claims was 223,000, a decrease of 19,000 from the previous week's revised level, the U.S. Labor Department said Thursday. This is the lowest level for initial claims since March 31, 1973 when it was 222,000.

The four-week moving average was 234,250, a decrease of 6,250 from the previous week's revised average. This is the lowest level for this average since April 14, 1973 when it was 232,750.

On Wednesday, U.S. stocks surged, with all three major indices closing at record highs as investors cheered President Donald Trump's speech to Congress delivered Tuesday night. Enditem