Stocks Extend Selloff as Key Levels Breached, Apple Downgraded

The S&P 500's 200-day moving average around 4,200 is a key level to watch as stocks and bonds sell off. A breach below could signal more downside.

Stock futures are wavering Wednesday after a steep selloff Tuesday took the S&P 500 down over 1%. Asia indexes fell over 2%.

Apple stock fell on a downgrade over valuation and sales concerns. Egg producer Cal-Maine sank on weak results.

Investor fear has reached "extreme" levels not seen since mid-March 2020, according to a CNN index. More Wall Street volatility is expected.

ADP's February private payrolls data and ISM's services index are due later this morning ahead of Friday's big monthly jobs report.