Updated: 10:49 a.m.

Technology has emerged as primary market fuel in mid-morning trading.

Three sectors — Communications Services, Information Technology and Consumer Discretionary — are leading the Standard & Poor's 500 Index.

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Stocks leading those sectors include Google parent Alphabet  (GOOGL) , Facebook parent Meta Platforms  (META) , CrowdStrike  (CRWD) , Palantir  (PLTR)  and Tesla  (TSLA) .

The losers include virtually all utilities, thanks to rising interest rates, and solar stocks, thanks to the removal of tax breaks in the House tax bill passed early Thursday.

Enphase Energy  (ENPH)  slumped 18.2% to $38.64. First Solar  (FSLR)  was off 4.6% to $155,82 — the worst performers in the information tech sector.

The Nasdaq and Nasdaq 100 indexes were up 0.5% and 0.3% at 10:45 a.m.

The S&P 500 was off 3 points at 5,841.47. The Dow Jones Industrial Average was down at 41,783. Home Depot  (HD) , UnitedHealth  (UNH) , and Chevron  (CVX)  were the Dow losers. Nike  (NKE) , Microsoft  (MSFT)  and Nvidia  (NVDA)  were the Dow leaders.

Updated 9:55 a.m. ET

If you were worried stocks would crash again on Thursday, relax.

The market has opened flat to modestly lower. The selling pressure that weighed on financial markets on Thursday seems to have eased.

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The news driving the market before the open was passage of President Donald Trump's big tax bill by a one-vote margin.

The tax bill, if it survives the Senate in its current form, would add an estimated $2.7 trillion to the federal deficit over the next 10 years.

Futures trading before the open had suggested the Standard & Poor's 500 and Nasdaq Composite indexed and Dow Jones Industrial Average would all open lower.

At 9:55 a.m., the S&P 500  was up slightly at 5,848. The Nasdaq was up 91 points at 18,964.33. The Dow was off slightly at 41,854.

Communications, technology and consumer discretionary stocks were the only sectors of the S&P 500 that were higher. The weakest sectors are utilities (affected by rising interest rates) and energy, pulled down by falling oil prices. Crude oil was off 82 cents a barrel at $60.99.

Shares pointed to lower open

The early trading was soft after stocks suffered a major drubbing on Wednesday after bond yields shot up.

Story Continues

The U.S. market woes pushed stocks in Japan lower on Thursday, and selling continued in European markets.

Crude oil was off 97 cents to $60.60 per 42-gallon barrel. Gold was off $5.40 to $3,308.50 per troy ounce.

U.S. treasury bond market is still weak

The catalyst setting off all this selling was a disappointing auction of 20-year Treasury bonds on Wednesday. The auction results reflected investor unhappiness with the tax bill.

In early trading Thursday, the 30-year Treasury yield was at 5.144% in early trading, up from 5.09% on Wednesday. The 10-year Treasury yield was at 4.616%, the highest level since February.

Bitcoin was trading above $111,000 and hit a high of $111,875.

JP Morgan Chase  (JPM)  Chief Executive Jamie Dimon, speaking in China, said that he remained worried about stagflation — high inflation combined with high unemployment — and that the Federal Reserve was correctly holding off on cutting interest rates.Traders work on the floor of the New York Stock Exchange on Wednesday as stocks the Dow dropped more than 800 points.Spencer Platt/Getty Images

Some companies offer some good news

Snowflake  (SNOW)  surged more than 11% in premarket trading after the cloud-based data-storage company posted upbeat first-quarter results and raised its full-year product revenue guidance.

Lumen Technologies  (LUMN)  jumped more than 12% in premarket trading after AT&T  (T)  agreed to acquire its residential fiber broadband network for $5.75 billion

Urban Outfitters  (URBN)  shot up more than 18% in the premarket after the apparel-brands group reported stronger-than-expected first-quarter results.

Nike  (NKE)  moved up 2% premarket after saying it would sell products on Amazon.com's  (AMZN)  U.S. site for the first time in more than five years.

Analog Devices  (ADI)  were higher pre-market after the chipmaker reported strong earnings late Wednesday.

Companies reporting later Thursday include Workday  (WDAY) , Ross Stores  (ROST)  and Deckers Outdoor  (DECK) .

Economic reports include the weekly report on jobless claims, two reports on purchasing managers indexes from Standard & Poor's, and existing-home sales from the National Association of Realtors.

Related: Veteran fund manager unveils eye-popping S&P 500 forecast

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