Nasdaq dips 1% as bond yields rise, tech falters after Biden picks Powell for second Fed term

Stocks slumped on Monday afternoon, reversing an earlier rally that came after President Joe Biden announced he would renominate Jerome Powell to continue to lead the Federal Reserve over Fed Governor Lael Brainard.

The Dow Jones Industrial Average rose just 17.27 points to close at 35,619.25, down from a gain of more than 300 points at session highs. The S&P 500 and Nasdaq Composite fell 0.32% to 4,682.94 and 1.26% to 15,854.76, respectively, after setting intraday record highs.

Bank stocks and Treasury yields moved higher after the White House announced...