(CNBC) — The Nasdaq Composite fell for the second consecutive day as higher interest rates appeared to put pressure on high-flying tech stocks, but shares of banks and industrial names moved higher in a split market on Tuesday.
The tech-heavy index fell 0.50% to 15,775.14, while the S&P 500 ticked up 0.17% to close at 4,690.70. The Dow Jones Industrial Average rose 194.55 points to 35,813.80 on the strength of bank and energy stocks.
The decline in tech and other growth stocks comes as Treasury yields have jumped following President Joe Biden’s decision to select Fed Chair Jerome Powell for a second term on Monday. Higher rates are often seen as a negative for high-growth companies because their future earnings look less attractive as short-term yields rise.
