Stocks close lower, Nasdaq drops a 2nd day as higher yields press tech names

(Image by Mediamodifier from Pixabay)

(Image by Mediamodifier from Pixabay)

(CNBC) — The Nasdaq Composite fell Tuesday as an uptick in rates put pressure on the tech-heavy index.

The tech-heavy Nasdaq shed 0.45% to close at 11,716.08. The S&P 500 fell 0.16%, ending at 3,971.27. The Dow Jones Industrial Average lost 37.83 points, or 0.12%, and closed at 32,394.25.

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Bond yields rose, with the rate on the 2-year U.S. Treasury note climbing back above 4%, putting pressure on stocks and tech names in particular. Rising rates make future profits, like those promised by growth companies, less attractive.

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