Tech shares tumble | Preparing for Biden’s infrastructure plan | Higher taxes ahead?

Major technology shares dragged down the broader market on Tuesday after the 10-year Treasury yield touched its highest level since January 2020.

VIEW IN BROWSER | SUBSCRIBE TUE, MAR 30, 2021 EVENING BRIEF AS OF TUE, MAR 30, 2021 • 04:36 ET DJIA 33066.96 -0.31% -104.41 S&P 500 3958.55 -0.32% -12.54 NASDAQ 13045.39 -0.11% -14.25   Most Active DOW NAME LAST CHG %CHG AAPL 119.90 -1.49 -1.23% MSFT 231.85 -3.39 -1.44% CSCO 51.77 -0.75 -1.43% S&P 500 NAME LAST CHG %CHG VIAC 46.61 +1.60 +3.55% AAPL 119.90 -1.49 -1.23% BAC 38.99 +0.68 +1.77% NASDAQ NAME LAST CHG %CHG AAPL 119.90 -1.49 -1.23% BIDU 218.23 +13.53 +6.61% TSLA 635.62 +24.33 +3.98%   EDITOR'S NOTE Major technology shares dragged down the broader market on Tuesday after the 10-year Treasury yield touched its highest level since January 2020.   The Dow Jones Industrial Average slipped about 100 points from a record closing high. The S&P 500 closed 0.3% lower. The Nasdaq Composite dipped 0.1% as Apple and Microsoft both fell more than 1%. The tech-heavy benchmark was down more than 1% at one point. The yield on the 10-year Treasury note climbed 6 basis points to top 1.77% earlier Tuesday, the highest level in 14 months as Covid vaccine rollouts and anticipated infrastructure spending boosted expectations for a broad economic recovery and rising inflation.   Classic reopening plays rallied, however, after a reading on consumer confidence far exceeded expectations. The Conference Board's consumer confidence index surged in March to 109.7, its highest reading in a year. Economists polled by Dow Jones expected the index to rise to 96.8 from 90.4 in February.   American Airlines jumped 5.3%, while United Airlines popped more than 3.5%. Carnival rose 3.9%, while Norwegian Cruise Line climbed 3.8%.   President Joe Biden is expected to provide details about his infrastructure plan when he travels to Pittsburgh on Wednesday. The spending package could cost north of $3 trillion.   Wild swings could hit the market later this week when pension funds and other big investors conduct their quarter-end rebalancing. The recent jump in bond yields may set up money managers for big moves in their portfolios. Yun Li | CNBC Markets and Investing Reporter @YunLi626 TOP NEWS  Dow slips from a record high, Apple and Microsoft lead losses Meet Bill Hwang, the man behind Archegos, the fund that sent shockwaves through Wall Street Ark Invest's space exploration ETF ARKX begins trading today, slips 1% Wall Street awaits Biden infrastructure plan, but it may not be ready for the new taxes Here's how the Archegos fallout will hurt Nomura and Credit Suisse, according to JPMorgan Elizabeth Warren unloads on Archegos meltdown: 'All the makings of a dangerous situation' U.S. announces more than $596 million in new humanitarian aid for Syria crisis These companies could benefit from Biden's infrastructure push, Bank of America says Senate Democrats propose capital-gains tax at death with $1 million exemption Individual investors should tread carefully in hot but risky IPO market, experts caution   TOP VIDEO Ark Invest's Sam Korus on Space Exploration ETF   CNBC PRO Hedge funds love these underperforming stocks, according to Jefferies   SPECIAL REPORTS NFL approves 17-game schedule and drops a preseason contest Look where consumers want to spend, says Aviva Investors' Susan Schmidt   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