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US STOCKS-Nasdaq, S&P 500 fall, pressured by rising U.S. Treasury yields

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* Technology-related companies resume slide

* Discovery rises on strong paid streaming subscribersforecast

* Dow up 0.44%, S&P 500 down 0.21%, Nasdaq down 1.41%(Updates to mid-afternoon, adds analyst comments, updatesprices)

By Gertrude Chavez-Dreyfuss

NEW YORK, Feb 22 (Reuters) - The S&P 500 and Nasdaq fell onMonday as climbing Treasury yields and prospects of risinginflation triggered valuation concerns, hitting shares ofhigh-flying growth companies.

The Dow index, on the other hand, was higher, boosted by a5% gain in Walt Disney Co.

U.S. benchmark 10-year Treasury yields were up at 1.36%on Monday. Since the beginning of February, 10-yearyields have risen about 26 basis points, on track for theirlargest monthly gain in three years.

"Investors are a little nervous about Treasury yields risingso quickly and it has been a pretty quick move in a short periodof time," said Lindsey Bell, chief investment strategist at AllyInvest, in Charlotte, North Carolina.

"What investors are grappling with ... is what does thismean from an inflation perspective. Because of that, there's alittle bit of tantrum in the market right now," she added.

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,Alphabet Inc, Tesla Inc and Amazon.com Incresumed their slide from the previous week, fallingbetween 0.9% and 5%.

Largely upbeat fourth-quarter earnings had powered WallStreet's main indexes to record highs earlier last week, but therally lost steam, in part due to fears of a potential snag inU.S. vaccination efforts and inflation concerns emanating from araft of stimulus measures.

In afternoon trading, the Dow Jones Industrial Averagerose 137.26 points, or 0.44%, to 31,631.58, the S&P 500lost 8.3 points, or 0.21%, to 3,898.41 and the NasdaqComposite dropped 195.70 points, or 1.41%, to 13,678.76.

The S&P 500 was on track for a five-day losingstreak, its worst in one year.

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

The S&P 500 industrials and financial sectorrose 0.8% and 1.1%, respectively, while energy stockssurged 4.5% on higher oil prices. [O/R

Discovery Inc jumped 9.5% 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 7.9% after a group of activistinvestors nominated nine directors to the department storechain's board.

Principal Financial Group Inc added 8.8% 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 declining ones on the NYSE by a1.14-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners.

The S&P 500 posted 71 new 52-week highs and no new lows; theNasdaq Composite recorded 252 new highs and 10 new lows.(Reporting by Gertrude Chavez-Dreyfuss in New YorkAdditional reporting by Devik Jain and Shreyashi Sanyal inBengaluruEditing by Matthew Lewis)