Tech, bank stocks set Wall Street for second day of losses

U.S. stocks slipped on Thursday and were headed for a second day of losses as bank and technology stocks came under pressure. The S&P 500 financial index dropped 1.01 percent, after having risen nearly 20 percent in 2016. U.S. equities had been enjoying a rally ever since Donald Trump was elected president in November on bets that the economy would benefit from his plans to introduce tax cuts, deregulation and higher infrastructure spending.