Stocks pull back after big rally, Dow closes more than 100 points lower, European markets close higher as U.S. bond yields stabilize; Europe markets close mixed as Treasury yields rise; FTSE 100 climbs on UK budget speech 
Tech stocks dragged down the S&P 500 Wednesday amid rising bond yields, while names tied to an economic recovery provided the market with some support. 
The S&P 500 traded 0.7% lower, led by tech and consumer discretionary. The Nasdaq Composite fell 2% as Amazon, Microsoft and Alphabet all dropped more than 2%. Netflix fell 4.8%, while Apple shed 1.6%.The Dow Jones Industrial Average gained 75 points, supported by a 5% jump in Boeing shares. 
The weakness came as the 10-year Treasury yield extended its gains. The benchmark rate climbed more than 8 basis points to 1.49% Wednesday after surging to a high of 1.6% last week in a move that some described as a “flash” spike. 
The continuous rise in bond yields is raising concerns about equity valuations and a pickup in inflation. Higher bond yields can hit technology stocks particularly hard as they have been relying on easy borrowing for superior growth. 
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 expect 225,000 private jobs were added last month.

 
European stocks whipsawed Wednesday as investors monitored U.S. Treasury yield movement while reacting to earnings and the U.K.’s latest budget statement. The pan-European Stoxx 600 provisionally closed flat, having earlier been up by as much as 0.7%. London’s FTSE 100 index was the standout gainer, climbing 0.8% following British Finance Minister Rishi Sunak’s budget speech. 
Stellantis, formed from the merger of Peugeot and Fiat Chrysler, announced that it will target an operating profit margin of between 5.5% and 7.5% in 2021 as the automobile industry recovers. Stellantis shares fell slightly after having earlier gained 1% but led rivals Renault and BMW 5.2% and 4.9% higher, respectively. 
Source: CNBC