The Dow and S&P 500 also fell, with Microsoft, Apple and Amazon weighing on the S&P.

Meanwhile, government bond yields ticked higher, reflecting investors' optimism about the economy, but hurting growth stocks, which have relied on easy money borrowing to fuel their rise.

JJ Kinahan, chief market strategist at TD Ameritrade, says investors are weighing the impact of higher bond yields and what they mean for stocks.

"I think where it's really heading is people trying to figure out what to do right now.

What I mean by that is you saw this sharp increase in bond yields over the last few weeks, and at the same time what's been tough for people to figure out.

If there have been many days where bond yields are higher and so is stocks or bond yields are lower and so is stocks.

That's not a normal relationship.

So, what that tells me is that right now you're seeing a little bit of an adjustment of assets, if you will." Travel stocks, including American Airlines and Carnival Cruises, jumped more than 3%.

Meanwhile, Lift bucked the tech trend, rising more than 8% after the ride-sharing company reported strong February ride figures and said it's seeing ride-sharing recover sooner than expected.

Its optimism also helped lift shares of its rival, Uber.