Wall St: Dow falls over 550 pts; megacap tech stocks hit by rising yields

Goldman Sachs leads fall among banks after Q4 results; gaming stocks jump on Microsoft's big bid for Activision

Wall Street's main indexes fell on Tuesday as big technology stocks were slammed by rising Treasury yields, while Goldman Sachs led declines among banks after posting its quarterly profit below expectations.

Two-year Treasury yields, which track short-term rate expectations, crossed 1% for the first time since February 2020 amid traders positioning for a more hawkish Federal Reserve ahead of a policy meeting next week.

Megacap firms including Google's Alphabet, Apple , Meta, Amazon and Tesla fell

between 0.6% and 3.7%.

Ten of the 11 major S&P 500 sectors fell in early trading, with the growth-heavy S&P 500 technology and S&P 500 communication services