The Nasdaq is threatening to wipe out its 2018 gains up less than 1% year to date

The Nasdaq Composite Index was under selling pressure early Wednesday, with the technology laden index on the verge of erasing all of its hard-earned 2018 gains. The Nasdaq [c: COMP] most recently was off 1% at 6,934, holding onto a gain of about 0.4% thus far this year. Slipping below 6,903.391, its closing level for Dec. 29, 2017, would wipe out its advance for the year, according to FactSet data. Relinquishing its year-to-date advance would put the tech-centered index in the same camp as the Dow Jones Industrial Average DJIA, -0.12% down 3.3% so far this year, and the S&P 500 index SPX, -0.02% off 2% in the first four months of 2018. All three benchmarks also are trading in negative territory for April. U.S. stocks are trying to shake off a Tuesday rout, which was partly inspired by a rise in yields for the 10-year Treasury note TMUBMUSD10Y, +0.57% above 3%, a psychologically significant level and weak outlooks from industrial giants Caterpillar Inc. CAT, +0.89% and 3M Co. MMM, -1.15%