A divided stock market | Tesla tanks | Yellen's bitcoin warning

Steep losses in technology shares dragged down the S&P 500 on Monday as a continuous rise in bond yields dented the appetite for growth stocks. Meanwhile, investors piled into into economically sensitive names to bet on a comeback.

VIEW IN BROWSER | SUBSCRIBE MON, FEB 22, 2021 EVENING BRIEF AS OF MON, FEB 22, 2021 • 04:46 ET DJIA 31521.69 +0.09% +27.37 S&P 500 3876.50 -0.77% -30.21 NASDAQ 13533.05 -2.46% -341.42   Most Active DOW NAME LAST CHG %CHG AAPL 126.00 -3.87 -2.98% MSFT 234.51 -6.46 -2.68% INTC 60.71 -2.30 -3.65% S&P 500 NAME LAST CHG %CHG AAPL 126.00 -3.87 -2.98% AAL 20.44 +1.76 +9.42% GE 12.50 +0.48 +3.99% NASDAQ NAME LAST CHG %CHG AAPL 126.00 -3.87 -2.98% AMD 85.37 -4.21 -4.70% TSLA 714.50 -66.80 -8.55%   EDITOR'S NOTE Market indexes closed with mixed results on Monday. While all three started the day on a downward note, the Dow Jones Industrial Average picked up 27 points to end the day in the green. The S&P 500 declined by 0.77%, while the tech-heavy Nasdaq Composite slid by 2.46%.   "Economic recovery" seemed to be the theme for stocks that fared well. Investors are finding ways to bet on businesses reopening amid a positive outlook for the pandemic. Companies lifting the Dow today included theme park operator the Walt Disney Co., which rose by 4.4%, and construction machinery maker Caterpillar, up 3.9%. Chemical company Dow also rose.   In what may be reflecting sentiment around higher interest rates and higher oil prices, American Express climbed 3.2% and Chevron, up 2.70% also helped buoy the Dow Industrials. On the flip side, tech stalwarts that thrived during the pandemic are losing steam. Consider how Amazon tumbled by 2.1%, while Apple slid by close to 3% on Monday. Shares of Netflix were down 1.19%. Tesla also took its lumps, slumping by 8.6% at the market close.   Stocks aren't the only thing for investors to weigh in an economy gearing up for a reopening. Perhaps it'll soon be time to revisit asset allocations, including the fixed income side of the portfolio, according to research from Goldman Sachs.   "So far the rise in inflation expectations has not been a headwind for 60/40 portfolios as investors mostly faded deflation risk," Goldman Sachs analysts noted. "But with inflation and inflation expectations rising further, the drag from bonds and pressures for higher equity allocations increases, also as bond yields remain close to the zero lower bound," they noted. In other words, bond prices are starting to drop as inflation fears rise. This may pressure investors in this classic stock-bond portfolio mix to put more money into equities. So the rise in yields and drop in bonds, may end up boosting equities markets after all.  Darla Mercado | CNBC Markets and Investing Editor @Darla_Mercado TOP NEWS  Nasdaq closes 2.5% lower as Big Tech gets hit, economic comeback plays lift Dow House panel advances $1.9 trillion Covid relief bill as Democrats move toward passage this week Tesla stock suffers biggest fall since September 2020 Yellen sounds warning about 'extremely inefficient' bitcoin The market is getting nervous about Powell's testimony this week Hedge funds that hunkered down after GameStop are now missing out on market gains These warning signs suggest stocks are heading toward a correction FDA says Covid vaccines that target new variants won't need large clinical trials to win approval Supreme Court rejects Trump effort to shield tax records from NY prosecutors These stocks will surprise to the upside during the comeback from Covid, Morgan Stanley says   TOP VIDEO First bitcoin ETF launches in Canada as investors pour into crypto   CNBC PRO Palantir or Deere? Cramer says investors may need to rethink overpriced tech and look for value   SPECIAL REPORTS Watch the first ever video of NASA landing a rover on Mars LVMH buys 50% stake in Jay-Z's champagne brand Armand de Brignac   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS