Nasdaq, S&P 500 end lower as U.S. yields rise

The S&P 500 and Nasdaq fell on Monday as higher Treasury yields plus the prospect of rising inflation triggered concerns on Wall Street.

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

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

Hilary Kramer of Kramer 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 are seeing everything from tire companies merging because there’s expectation of more people on the road and we’re seeing stocks like Caterpillar because there’s an expectation of major projects and our economy is coming back. And we’re seeing this deflating in these 'FANG' stocks that were so long the drivers of the market. We’re in a new era 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 Kohl gained nearly 8% after The Wall Street Journal reported that a group of activist investors is attempting to take control of the department store chain’s board.

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