The S&P 500 ended flat Thursday as tech was lifted by falling bond yields but gains for the broader market were kept in check by falling cyclical stocks following the Federal Reserve's hawkish turn a day earlier.  

The S&P 500 fell 0.06%. 

The move lower in Treasury yields suggests that we're on a path to lower growth at a time when the Fed's view that inflation is transitory gains in popularity, creating the perfect cocktail for tech as investors look to quench their thirst for growth.

Commodities prices declined sharply as China attempts to cool rising prices and the U.S. dollar strengthens. Futures prices for copper, palladium and platinum fell, while U.S. oil prices tumbled more than 1%.
 

Plan A : Short if market failed to support above 4216. Targets are 4190, 4164 and 4138.

Plan B : Long if market supported firm above 4216. Targets are 4231, 4248 and 4266.

U.S. stock futures were little changed in early Friday morning trade, following a two-day sell-off for the Dow in the wake of the Federal Reserve’s policy update.

The Nasdaq Composite rose 0.87% to 14,161.35. The Nasdaq has gained 0.65% on the week.

The highly anticipated decision from the Federal Reserve Wednesday caused a sell-off in equities. The central bank announced it’s keeping interest rates unchanged, raised its 2021 inflation expectation to 3.4% and moved planned interest rate hikes forward.

On Thursday, the Labor Department reported initial jobless claims rose unexpectedly last week, totaling 412,000, an increase of 37,000 from the previous week and higher than the 360,000 estimate.

Plan A : Long if market supported firm above 14168. Targets are 14200, 14232 and 14265.

Plan B : Short if market failed to support above 14168. Targets are 14125, 14085 and 14041.