The S&P 500 slipped from record levels in volatile trading on Wednesday amid a sell-off in technology shares, while investors digested the first batch of corporate earnings that largely exceeded expectations.

The broad equity benchmark dipped 0.4% to 4,124.66 after hitting a fresh record high earlier in the session. 

Bank stocks have risen sharply so far this year, with the S&P 500 financials sector gaining nearly 20%, easily outpacing the S&P 500. 

With the first-quarter earnings season now underway, investors will on Thursday pore over financial results from snack company PepsiCo, asset manager BlackRock and both Citigroup and Bank of America.

In other news, Federal Reserve Chair Jerome Powell on Wednesday said the central bank will reduce its bond purchases likely well before it hikes interest rates.
 

Plan B : Short if market failed to support above 4133. Targets are  4109, 4089 and 4061.

 

Futures contracts tied to the major U.S. stock indexes ticked higher early morning trade on Thursday after the S&P 500 retreated from record levels during the regular session.

The Nasdaq Composite lost about 1% during regular trading as Tesla fell nearly 4%, Netflix and Facebook dropped more than 2% each, and Amazon, Microsoft and Apple all dipped at least 1%.

Coinbase's widely watched direct listing on Wednesday opened at $381 on the Nasdaq and shot up as high as $429, but shares quickly rolled over and closed at $328.28. As Coinbase shares reversed lower, bitcoin fell 1.5% to around $61,930 from a record high of more than $63,800. Crypto investors were hailing the company’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.

Investors will on Thursday review the Labor Department’s latest report on the number of Americans filing first-time claims for unemployment insurance. Economists polled by Dow Jones expect the government to report that another 710,000 filed claims for the first time during the week ended April 10.

March retail sales data, also due Thursday morning, are expected show a robust uptick in consumer spending, with some economists seeing a gain of 10% or more thanks to the arrival of the $1,400 stimulus checks. The consensus forecast is more modest growth of 6.1%.
 

Plan A : Long only if market supported firm above 13885. Targets are 13915, 13950 and 13981.

Plan B : Short if market failed to support above 13885. Targets are 13844, 13803 and 13761.