S&P 500 rises after one-day pause, technology stocks lead gains

The S&P 500 rose slightly on Wednesday morning after the S&P 500 ended a seven-day winning streak in the previous session.

Dow Jones Industrial Average fell 26 points. The S&P 500 rose 0.14%. The technology-heavy Nasdaq Composite popped 0.55%.

With falling rates and concern about peaking economic growth, investors have rediscovered their old Big Tech favorites.AppleandAmazonare both up double digit percentage returns over the past 1 month, far outpacing the S&P 500's 2.8% return. Major technology names like Apple and Google-parent Alphabet rose in premarket trading on Wednesday. Shares of Amazon rose before the bell after the e-commerce giant gained nearly 5% in the previous session.

Energy stocks were set to gain as oil prices increased. WTI crude touched a 6-year high briefly on Tuesday before retreating.Crudewas back up about 2% on Wednesday. Devon Energy, Occidental Petroleum and APA Corp were higher in premarket trading.

Bank shares including Goldman Sachs and JPMorgan Chase continued their retreat on Wednesday as long-term bond yields fell further, hurting the industry's profitability prospects. Defying many predictions, the 10-year Treasury yieldfell to 1.306% on Wednesday. Yields on the short-end of the so-called Treasury curve, including 1-year bills and 2-year notes, were flat to higher.

During the regular session on Tuesday, the 30-stock Dow fell 208 points. The S&P 500 ended the day down by 0.2%, retreating from a record. The Nasdaq Composite rose nearly 0.2% to a fresh all-time high.

Investors may be worried the economy might be approaching its peak and that a correction could be on the way. In addition to complacency in the market, the combination of profit-margin pressures, inflation fears, Fed tapering and possible higher taxes could contribute to an eventual drawdown, market strategists say.

Investors will be listening more clues on the direction of the Federal Reserve's monetary policy when it releases its latest meeting minutes Wednesday afternoon, which could be a catalyst for a move in both bonds and stocks.

The Fed's minutes are expected to be dovish with the central bank looking for progress in the labor market and not worried that recent inflation will become a persistent trend. Slowing down the bond buying would be the Fed's first major retreat from the easy policies it put in place when the economy shut down last year.

The end of the Fed's $120 billion a month in Treasury and mortgage purchases would also signal that the central bank's next move could be to raise interest rates.