Nasdaq, S&P 500 end down after hitting record highs; Microsoft falls 1%

The S&P 500 ended lower and the Nasdaq tumbled deep into negative territory on Monday after both earlier hit record highs following the announcement of a second term for Federal Reserve Chair Jerome Powell.

The Dow Jones Industrial Average ended slightly higher. Climbing Treasury yields kept tech stocks broadly lower, with holdouts including Microsoft and Apple, which many investors view as relatively safe, giving up gains late in the session.

Apple ended up 0.3%, its highest closing level ever, after rising over 3% earlier in the day. JPMorgan flagged possible improvements to the supply of the iPhone 13 in coming