NEW YORK (March 18): The S&P 500 eased from a record high on Thursday while the tech-heavy Nasdaq shed more than 1% as a spike in US bond yields accelerated a move out of pandemic winner tech stocks and into economy-linked financials and industrials.

The Russell 1000 value index, which is heavily comprised of cyclical stocks such as financials and energy, added about 0.3% while the Russell 1000 growth index, which includes technology stocks, dropped about 1.3%.