The Dow Jones Industrial Average lost more than 100 points, falling from a record high reached on Monday. The S&P 500 fell about 0.3%. The Nasdaq Composite dipped about 0.1% as Facebook, Amazon, Apple, Netflix and Microsoft declined. Big Tech stocks are especially sensitive to rising rates as they depend on borrowing money cheaply to invest in their future growth. Reopening plays like airlines and cruise lines popped on Tuesday after consumer confidence data topped expectations.
Investors are awaiting details on President Joe Biden’s infrastructure plan on Wednesday. The spending package could cost more than of $3 trillion. Private payroll data from ADP will be released at 9:15 a.m. on Wednesday morning. Economists polled by Dow Jones are expecting 525,000 private jobs were added in March, well above the 171,000 added in February.