Tech stocks dragged down the S&P 500 on Wednesday amid rising bond yields, while names tied to an economic recovery provided the market with some support.

The S&P 500 fell 1.3% to 3,819.72, led by tech and consumer discretionary.

The weakness came as the 10-year Treasury yield extended its advance. The benchmark rate climbed more than 8 basis points to a high of 1.49% Wednesday before retreating slightly. Last week, the yield surged to a high of 1.6% in a move that some described as a “flash” spike.

On the data front, private companies added 117,000 new jobs in February, according to a report Wednesday from payroll processing firm ADP. Economists polled by Dow Jones expected 225,000 private jobs were added last month.

Meanwhile, the pace of growth in the services side of the U.S. economy decelerated in February. The ISM Non-manufacturing Index showed a reading of 55.3 for last month, down 3.4 percentage points from January and below the 58.7 Dow Jones estimate.

Plan A : Long if market supported firm above 3807. Targets are 3823, 3841 and 3855.

Plan B : Short if market failed to support above 3807. Targets are 3781, 3760 and 3728.
 

U.S. stock index futures slid in early morning trading on Thursday, accelerating losses from the regular trading session which saw the major averages finish in the red across the board.

The Nasdaq Composite slid 2.7% to 12,997.75 as Apple, Amazon, Microsoft and Alphabet all dropped more than 2%. Netflix shed 5%.

Additional stimulus measures could also inject optimism into the market. The Senate is currently debating the $1.9 trillion relief package passed by the House on Saturday.

On Thursday investors will get another look at the ongoing economic recovery when first-time jobless claims data for the week ending Feb. 27 is released. Economists surveyed by Dow Jones are forecasting 750,000 first-time filers.

On the earnings front, BJ's Wholesale and Kroger are among the names reporting before the open, while Broadcom, Costco and Gap are on deck to provide quarterly updates after the closing bell.

Plan A : Long if market supported firm above 12665. Targets are 12699, 12727 and 12755.

Plan B : Short if market failed to support above 12665. Targets are 12627, 12585 and 12540.

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