“The losses are much smaller than the gains yesterday, so it seems like some modest profit taking here as we gear up for the upcoming news,” Detrick added.

“One-way markets are not healthy up or down,” Jonathan Corpina, senior managing partner at Meridian Equity Partners, told the Wall Street Journal.

Looking ahead, investors will be keeping an eye on the Federal Reserve’s policy meeting on March 14, 15. A number of Fed officials have already voiced a greater likelihood of interest rate hikes, given the strengthening economy. Federal Reserve Chairwoman Janet Yellen will give a speech Friday and could provide further insights on a move ahead.

Options traders are currently pricing in a 74% chance of a rate hike this month, compared to about a 30% chance at the start of the week.

For more information on the markets and U.S. Stock ETFs, visit our S&P 500 category.