Overnight on Wall Street, the S&P 500 declined 0.44% to finish its trading day at 3,913.97.

The declines stateside came after first-time fillings for jobless claims totaled 861,000 last week, the highest in a month and above the Dow Jones estimate of 773,000, the Labor Department reported Thursday.

Shares of Apple Inc, Tesla Inc and Facebook Inc weighed the most on both the benchmark S&P 500 and the tech-heavy Nasdaq.

Concerns over a rising inflation outlook have pushed investors to book profits on stocks with high valuations in the S&P 500 technology and communications services sectors, which have underpinned a 76% rise in the S&P 500 since its March 2020 lows.

Of the 11 major S&P 500 sectors, only utilities and consumer discretionary rose, while real estate barely fell, off 0.02%.

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Plan A : Short if market failed to support above 3905. Targets are 3882, 3857 and 3833.

Plan B : Long only if market doesn't retrace much and supported firm above 3905. Targets are 3920, 3938 and 3852.

Stock futures were flat in overnight trading on Thursday after Treasury Secretary Janet Yellen said a large Covid relief package is still needed for a full recovery in the U.S.

The Nasdaq Composite shed 0.72% to about 13,865.36.

Yellen told CNBC Thursday after the bell that more stimulus is necessary even as some economic data suggested a swift rebound. She added a $1.9 trillion stimulus deal could help the U.S. get back to full employment in a year.

The stock market’s rally to records seems to have fizzled as fears of rising rates and higher inflation crept in.

Many on Wall Street believe that in order for the market to extend its march higher, expectations for further fiscal stimulus and a smooth reopening need to become reality.

The Nasdaq Composite are down 1.6% this week, on track to break its two-week winning streak. 

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Plan A : Long if market doesn't retrace much and supported firm above 13622. Targets are 13655, 13682 and 13711.

Plan B : Short if market failed to support above 13622. Targets are 13582, 13544 and 13500.