<p>The S&P 500 ended down slightly on Tuesday, with investors selling tech-related growth shares following a rise in US Treasury yields.</p>.<p>At the same time, S&P 500 financials, industrials and consumer discretionary rose, extending the recent rotation out of growth and into so-called value names.</p>.<p>The Nasdaq was on track for its first monthly loss since November following the recent rise in Treasury yields. Tech stocks, which have a low-rate environment heavily baked into their high valuations, have been among the hardest hit by the rise in yields.</p>.<p>"It's somewhat of a leadership-less market," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Investors' preferences are flipping around here almost on a daily basis, primarily between tech plus and cyclicals.</p>.<p>"Cyclicals have certainly had the upper hand here for a while, trading off the reopening of the economy. Tech plus holds in there because it's really the promise of the future - it should provide investors with steady growth."</p>.<p>The benchmark US 10-year Treasury yield hit a 14-month high of 1.776% early on Tuesday, but was at about 1.717% by late afternoon in New York.</p>.<p>Unofficially, the Dow Jones Industrial Average fell 100.3 points, or 0.3%, to 33,071.07, the S&P 500 lost 12.21 points, or 0.31%, to 3,958.88 and the Nasdaq Composite dropped 14.25 points, or 0.11%, to 13,045.39.</p>.<p>"For the next day or two, (value stocks) will probably be leaders because we have quarter-end and institutions want to make sure that they have exposure to the names that performed well," said Robert Pavlik, senior portfolio manager at Dakota Wealth in New York.</p>.<p>Bets on a swift economic rebound backed by vaccine rollouts and unprecedented stimulus have helped the S&P 500 and the Dow hit record closing highs recently.</p>.<p>On Wednesday, President Joe Biden will unveil more details about the first stage of his infrastructure plan, which could be worth as much as $4 trillion.</p>.<p>Bank stocks rebounded as investors took heart from signs that the impact from the fall of a US hedge fund did not ripple out to broader markets.</p>.<p>Wells Fargo & Co jumped after the lender said it had a prime brokerage relationship with Archegos Capital and that it no longer had any exposure and did not experience any losses. </p>
<p>The S&P 500 ended down slightly on Tuesday, with investors selling tech-related growth shares following a rise in US Treasury yields.</p>.<p>At the same time, S&P 500 financials, industrials and consumer discretionary rose, extending the recent rotation out of growth and into so-called value names.</p>.<p>The Nasdaq was on track for its first monthly loss since November following the recent rise in Treasury yields. Tech stocks, which have a low-rate environment heavily baked into their high valuations, have been among the hardest hit by the rise in yields.</p>.<p>"It's somewhat of a leadership-less market," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Investors' preferences are flipping around here almost on a daily basis, primarily between tech plus and cyclicals.</p>.<p>"Cyclicals have certainly had the upper hand here for a while, trading off the reopening of the economy. Tech plus holds in there because it's really the promise of the future - it should provide investors with steady growth."</p>.<p>The benchmark US 10-year Treasury yield hit a 14-month high of 1.776% early on Tuesday, but was at about 1.717% by late afternoon in New York.</p>.<p>Unofficially, the Dow Jones Industrial Average fell 100.3 points, or 0.3%, to 33,071.07, the S&P 500 lost 12.21 points, or 0.31%, to 3,958.88 and the Nasdaq Composite dropped 14.25 points, or 0.11%, to 13,045.39.</p>.<p>"For the next day or two, (value stocks) will probably be leaders because we have quarter-end and institutions want to make sure that they have exposure to the names that performed well," said Robert Pavlik, senior portfolio manager at Dakota Wealth in New York.</p>.<p>Bets on a swift economic rebound backed by vaccine rollouts and unprecedented stimulus have helped the S&P 500 and the Dow hit record closing highs recently.</p>.<p>On Wednesday, President Joe Biden will unveil more details about the first stage of his infrastructure plan, which could be worth as much as $4 trillion.</p>.<p>Bank stocks rebounded as investors took heart from signs that the impact from the fall of a US hedge fund did not ripple out to broader markets.</p>.<p>Wells Fargo & Co jumped after the lender said it had a prime brokerage relationship with Archegos Capital and that it no longer had any exposure and did not experience any losses. </p>