A drop in technology shares halted a three-day rally in US stocks, as investors rebalanced their bets on the Federal Reserve's interest rate policy. Treasury yields fell.
The Nasdaq 100 fell 0.5%, bringing its March gain to 4.7%, with tech heavyweights ranging from Apple to Alphabet among the biggest drags.
With the rotation out of financials following the failure of three US banks, tech stocks have found favour in recent weeks. However, the trade has begun to unwind due to increased speculation that the banking sector's turbulence will be contained.
Two-year Treasury yields rose to just above 4%, while the dollar index fell to its lowest level in eight weeks.