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US STOCKS-Growth stocks push Nasdaq, S&P 500 lower as rising yields weigh

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Devik Jain and Shreyashi Sanyal
·3 min read
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(For a Reuters live blog on U.S., UK and European stockmarkets, click LIVE/ or type LIVE/ in a news window)

* Technology-related companies resume slide

* Discovery rises on strong paid streaming subscribersforecast

* Indexes: S&P down 0.55%, Nasdaq falls 1.69%, Dow up 0.09%(Adds comments, updates prices to early afternoon)

By Devik Jain and Shreyashi Sanyal

Feb 22 (Reuters) - The S&P 500 and Nasdaq indexes came underpressure on Monday as climbing Treasury yields and prospects ofrising inflation triggered valuation concerns, hitting shares ofhigh-flying growth companies.

Federal Reserve Chair Jerome Powell is scheduled to speakbefore the Senate Banking Committee on Tuesday, and investorsare expected to look for any potential changes to the centralbank's dovish outlook in recent months.

Shares of Apple Inc, Microsoft Corp,Facebook Inc, Alphabet Inc, Tesla Inc,Netflix Inc and Amazon.com Inc resumed theirslide from the previous week, falling between 0.7% and 5%.

A largely upbeat fourth-quarter earnings had powered WallStreet's main indexes to record highs earlier last week, but therally lost steam on fears of a potential snag in countrywideinoculation efforts and inflation concerns rising from a raft ofstimulus measures.

"There's little new money going into the market. It is likeeveryone has bought in and, at some point, there's an exhaustionof buyers and the market tends to come down a little bit," saidDavid Keller, chief market strategist at StockCharts.com.

"The market is recognizing the general euphoric sentimentconditions that we've had."

The benchmark 10-year yield was little changedon Monday but had been as high as 1.394% overnight, the highestsince Feb 2020.

The S&P 500 was down 21.41 points, or 0.55%, at3,885.30, on track for a five-day losing, its worst in one year.

Value stocks have outperformed growth sharesin February, with investors betting on a rebound in industrialactivity and a pick up in consumer demand as countries roll outvaccines to tame the pandemic.

The S&P 500 industrials and financial sectorrose 1.0% each, while energy stocks surged 4.3%on higher oil prices.

At 12:04 p.m. ET, the Nasdaq Composite was down234.03 points, or 1.69%, at 13,640.44, while the Dow JonesIndustrial Average was up 29.43 points, or 0.09%, at31,523.75, with Walt Disney Co boosting the blue-chipindex.

Discovery Inc jumped 9.2% after the media companysaid it was expecting 12 million global paid streamingsubscribers by the end of February, as coronavirus-ledrestrictions kept people at home.

Kohl's Corp gained 9.4% after a group of activistinvestors nominated nine directors to the department storechain's board.

Principal Financial Group Inc added 8.9% after amedia report that activist investor Elliott Management Corp hadtaken a stake in the life insurance company and planned to pushfor changes.

Advancing issues outnumbered decliners by a 1.01-to-1 ratioon the NYSE. Declining issues outnumbered advancers for a1.18-to-1 ratio on the Nasdaq.

The S&P index recorded 59 new 52-week highs and no new low,while the Nasdaq recorded 218 new highs and seven new low.(Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru;Editing by Anil D'Silva and Shounak Dasgupta)