Wall Street experienced another day of ups and downs, with stocks snapping a three-day rally. Treasuries rose as investors considered the Federal Reserve's next move following the Bank of Canada's announcement of a smaller-than-expected rate hike.

The S&P 500 finished lower, while the Nasdaq 100 fell more than 2%. Treasury yields fell, with the 10-year yield briefly falling below 4%.

On Wednesday, disappointing earnings from mega cap companies dampened sentiment. While the Bank of Canada unexpectedly slowing its pace of interest-rate hikes provided some relief, investors quickly realized that it does not necessarily mean the Fed will follow suit.

Recent data, including a drop in new home sales in the United States, indicate that Fed tightening is beginning to impact the economy. However, investors continue to expect the central bank to raise interest rates by three-quarters of a percentage point at its next meeting.