The Dow Jones Industrial Average swung wildly Friday to close near its session low as Wall Street struggled to shake off fears of rapidly rising rates.

The S&P 500 fell 0.5% to 3,811.15 as energy and financial stocks pulled back. 

The weakness in the broader market came even after the personal consumption expenditures price index indicated subdued inflation in January. The PCE index, which the Federal Reserve watches closely, rose 0.3% for the month, slightly ahead of the 0.2% expectation but was up just 1.5% year over year, matching Dow Jones estimates. 

The 10-year Treasury yield fell 10 basis points to around 1.42% Friday, after surging above 1.6% at one point on Thursday. Treasury yields initially fell following the inflation data release, but they bounced higher, triggering the intraday slump in major indexes. Even as they ended the day much lower, stocks failed to shake off the fears that higher rates may halt the equity rally.

Economists and investment managers say the bond market is reacting to positive economics as vaccines are rolled out and GDP forecasts improve, which should benefit corporate profits. But the move could also signal faster-than-expected inflation ahead.

Plan A : Short if market failed to support above 3834. Targets are 3808, 3784 and 3755.

Plan B : Long if market supported firm above 3834. Targets are 3851, 3868 and 3880.

U.S. stock futures rose sharply in early morning trading on Monday, as Treasury yields continued to retreat from their highs from last week.

The Nasdaq Composite ended the day 0.6% higher at 13,192.34 as Big Tech names rebounded after a large sell-off in the previous session amid surging bond yields. Facebook, Microsoft and Amazon each rose more than 1%. The tech-heavy benchmark gyrated in Friday’s session where it jumped 1.9% at its high and fell as much as 0.7%.

The technology-heavy Nasdaq Composite dropped more than 4% for the week, suffering its worst one-day sell-off since October on Thursday. Technology companies rely on being able to borrow money for a low rate in order to invest in future growth.

February’s final read for Markit’s U.S. manufacturing purchasing managers’ index for February comes out on Monday at 9:45 a.m. ET. Economists polled by Dow Jones are expecting a read of 58.5, the same as December’s read of 58.5.

Plan A : Long if market supported firm above 13123. Targets are 13154, 13185 and 13218.

Plan B : Short if market failed to support above 13123. Targets are 13083, 13041 and 13000.

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