The Dow, on the other hand, rose lifted by Disney, which rallied 5%.

The S and P and NASDAQ were driven lower by big tech names such as Apple, Amazon and Microsoft, which all dropped at least 2%.

Hillary Cramer of Cramer Capital Research says investors are looking ahead to a return to normal.

The stock market is going through a major rotation today.

We're looking at the post pandemic environment and that's why we're seeing everything from tire companies that are emerging because there's expectation of more people on the road and we're seeing stocks hitting 52 week highs like Caterpillar, that is telling us that there is an expectation of major projects and that our economy globally is coming back online and then we're seeing like this kind of deflating low interest in these big fang stocks that for so long, where the drivers of the market we're in a new era now of investing.

Other stocks on the move included media company Discovery, which jumped 9.5% after it said it was expecting 12 million global paid streaming subscribers by the end of February, while retailer Coles gained nearly 8% after The Wall Street Journal reported that a group of activist investors is attempting to take control of the department store chains board.