2018-03-19 —

"Equities are lower and Treasury yields are higher and I think it may be signaling that there's some anxiety abut how hawkish the FOMC will be on Wednesday," said Brian Jacobsen, senior investment strategist at Wells Fargo Asset Management.

As for the tech slide, Jacobsen declined to talk about specific companies but said trepidation around "what is going on with advertising as a source of revenue" for some companies is one reason why some social media names are facing selling.

"The market is pricing in a 97.9% likelihood of a rate hike at this meeting. The big question then will be the `dot plot' giving the FOMC members' estimates of where rates will be at the end of this year and next," said Marshall Gittler, chief strategist at ACLS Global, in a note.

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