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NEW YORK (CNNMoney)
The S&P 500, and the Dow Jones industrial average were both lower in early trading. The Nasdaq, the biggest loser in the three-day selloff that began Thursday, bounced back into positive territory, but it's still close to zero.
Investors have been worried about stock valuations ahead of what is expected to be lackluster quarter for corporate earnings. The technology sector has been hit particularly hard, but investors were dipping a toe back into the sector after three days of heavy selling.
Related: Investors aren't bringing sexy back
Shares of Facebook (FB, Fortune 500), Netflix (NFLX) and Amazon (AMZN, Fortune 500) all held gains despite the overall weakness. Yelp (YELP), the restaurant and business review site, is also having a strong rebound today despite struggling this year.
The materials sector was also relatively strong. Shares of natural gas companies Peabody Energy (BTU, Fortune 500) and CONSOL Energy (CNX, Fortune 500) lead the S&P 500 as the top gainers of the morning. Joy Global (JOY, Fortune 500), which makes heavy mining equipment, gained as well.
But the broader market was dragged lower by weakness in the healthcare sector. Shares of drug-makers Mylan (MYL, Fortune 500), Gilead Sciences (GILD, Fortune 500), Forest Laboratories (FRX) were all down sharply.
Related: Fear & Greed Index still gripped by fear
All three major U.S. stock indexes are now negative for the year. The Dow and Nasdaq are down over 2%.
As investors fled more risky corners of the market, shares of companies that are considered defensive investments rallied. Makers of consumer staples, such as Kraft (KRFT, Fortune 500), Procter & Gamble (PG, Fortune 500) and Colgate Palmolive (CL, Fortune 500), have been popular safe harbors in recent days.
Traders said the recent selling was triggered in part by concerns that stock prices had risen too high given the outlook for earnings this year. But prices may have fallen back down to levels that are more consistent with companies' long-term growth potential, notes David Lutz, head ETF trader at Stifel.
"This rotation may be entering the final innings," he said.
In corporate news today, Alcoa (AA, Fortune 500) will report first-quarter results after the closing bell, the first major company to do so.
Related: CNNMoney's Tech30
European markets were falling, erasing earlier narrow gains, as tensions flared again in Ukraine. Russia's Foreign Ministry warned Kiev on Tuesday that use of force in the eastern region could lead to civil war.
Asian markets were mixed Tuesday. Tokyo's Nikkei fell 1.4% as the central bank ended a policy meeting without any hint of further economic stimulus.
China's benchmark Shanghai Composite index rose 1.9%. Chinese markets, which were closed Monday for a holiday, have been supported by hopes the government will take steps to boost faltering growth. 
First Published: April 8, 2014: 9:48 AM ET
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