Tech and tobacco drag stocks into red for first time this week

Stocks closed lower for the first time this week on Thursday, dragged down by the tech sector. Commodities held near multi-year highs, and inflation jitters pushed bonds lower.  

Dow Jones Industrial Average: 24,657.39 −90.68 (-0.37%)

S&P 500: 2,696.08 −12.56 (-0.46%)

AUD/USD: 0.7732 -0.0053 (-0.68%)

ASX 200 SPI futures: 5,852.5 -10.0 (-0.17%)

1. Tech stocks sank on concerns about slowing global demand for smartphones. The Nasdaq 100 was down as much as 1.20% at session lows. 
2. Commodities continued to rally. Supply concerns have sent prices of oil, aluminum and nickel soaring to multi-year highs. 
3. US government bond yields rose amid creeping inflation worries. The 10-year Treasury yield climbed above 2.90% on the back of rallying commodities, new Philly Fed data showing a spike in the prices paid index, and news that weekly jobless claims edged lower.  
4. Members of NAFTA still have their sights set on an early deal. The US, Mexico, and Canada are reportedly meeting to negotiate in Washington this week.
5. Shares of Philip Morris International plunged more than 15%. Reports of declining cigarette volumes and slow growth put the stock on track for its worst drop in a decade.

Here's Friday's economic calendar: 

• NAFTA negotiations continue in Washington. 
• Spring IMF meetings carry on.
• Canada will release monthly inflation data.