The NASDAQ Composite fell sharply for the second-straight day as higher interest rates appeared to put pressure on high-flying tech stocks, but banks and industrial names moved higher in a split market on Tuesday.
The Dow Jones Industrials took its Wheaties and powered higher 194.55 points to close at 35,813.80.
The S&P 500 index strengthened 7.76 points to 4,690.70
The NASDAQ moved downward 79.62 points to 15,775.14.
Tuesday’s moves come after the market slid into the close in the previous session after the S&P 500 had hit an intraday record earlier in the session.
Social media giant Meta, the parent company of Facebook, fell more than 1%, while Roku slid more than 2% and biotech stock Moderna dropped more than 4%. Shares of Zoom Video Communications tumbled 17% a day after it beat earnings estimates but warned of a slowdown ahead as the Covid pandemic winds down and the demand for remote contact decreases
Bank stocks also rose along with rates, with shares of JPMorgan climbing more than 2%.
In other earnings news, shares of Best Buy also fell sharply after the company said comparable sales and gross profit margin might decline in the fourth quarter compared to the year ago period.
On the positive side, chipmaker Western Digital was one of the best performers in early trading following an upgrade from Mizuho. Energy stocks also moved higher even after President Joe Biden announced on Tuesday that he would tap the strategic petroleum reserve in an attempt to lower gas prices at a time when inflation is running at its highest level in three decades.
The price of oil had declined in recent days amid rumours that Biden would take this step.
Earnings season continues on Tuesday with Dell Technologies, GAP, HP and Nordstrom reporting quarterly earnings after the bell on Tuesday.
U.S. markets will be closed Thursday on Thanksgiving Day. The stock market closes early at 1 p.m. ET on Friday.
Prices for 10-year Treasurys eased off, raising yields to 1.68% from Monday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.99 to $78.75 U.S. a barrel.
Gold prices doffed $15.80 to $1,790.50 U.S. an ounce.