Nasdaq’s worst day since March | Treasury Secy Yellen on debt limit | Goldman’s rising rate play

Tech stocks took the brunt of the impact from higher interest rates on Tuesday.

VIEW IN BROWSER | SUBSCRIBE TUE, SEP 28, 2021 EVENING BRIEF AS OF TUE, SEP 28, 2021 • 04:41 ET DJIA 34299.99 -1.63% -569.38 S&P 500 4352.63 -2.04% -90.48 NASDAQ 14546.68 -2.83% -423.29   Most Active DOW NAME LAST CHG %CHG AAPL 141.91 -3.46 -2.38% MSFT 283.52 -10.65 -3.62% INTC 54.00 -0.66 -1.21% S&P 500 NAME LAST CHG %CHG AAPL 141.91 -3.46 -2.38% F 14.31 +0.15 +1.06% AMD 101.52 -6.64 -6.14% NASDAQ NAME LAST CHG %CHG AAPL 141.91 -3.46 -2.38% AMD 101.52 -6.64 -6.14% MSFT 283.52 -10.65 -3.62%   EDITOR'S NOTE Tech stocks took the brunt of the impact from higher interest rates on Tuesday, with some of the market's biggest names seeing significant declines and dragging down the broader market.   Shares of Facebook slid 3.6% and Google-parent Alphabet fell 3.7%. Apple and Amazon each dropped more than 2%.  The Invesco QQQ Trust, which includes many of the biggest names on the Nasdaq, ended the session 2.8% lower.   The size of those stocks means that the moves took a serious bite out of the major indexes, which a strong day for the relatively tiny energy sector could not offset.  Tech and other high-growth sectors often see a negative reaction when interest rates rise. Indeed, higher rates make the future earnings prospects of those companies less attractive to investors.    However, while tech stocks often fall when rates and inflation fears rise, that doesn't always mean the underperformance will last long.   "As interest rates rise, the importance of nearer-term cash flows for valuations rises, resulting in relative underperformance for longer duration stocks, like Tech, at least in the near term," Chris Hussey from Goldman Sachs said in a note on Tuesday.   "Looking further out, this dynamic is unlikely to be sustained, however, as technological disruption and adaption should continue to generate new growth opportunities for investors," he noted. Jesse Pound | CNBC Markets Reporter @jesserpound Watch our live stream for all you need to know to invest smarter. TOP NEWS  Nasdaq tanks 2.8% in worst day since March as yield spike hits tech stocks, Dow drops 570 points Congress must raise debt limit by Oct. 18, Treasury Secretary Yellen warns in new letter as default looms Here's everything Amazon just announced: A home robot named Astro, a fitness band and more Sen. Warren calls Fed Chair Powell a 'dangerous man,' says she will oppose his renomination These are the best 5 Dow stocks to own when rates spike Unvaccinated United Airlines staff faces firings as early as today as deadline for Covid shots passes How high yields could go from here and what it means for stocks Cramer says 'don't panic and sell,' just realize stocks are in a tough spot Top CEOs say they're worried about corporate tax hikes as Dems push bills aimed at boosting working families Tom Lee says rising bond yields are not 'an equity market killer,' sees stocks rallying into year-end   TOP VIDEO AMD shares have risen 3,000% since Lisa Su was named CEO in 2014   CNBC PRO Goldman's strategy for surging rates. What to buy and what to short   SPECIAL REPORTS Deal for state and local tax deduction cap may happen this week, key Democrat says 8 companies that help pay off student loans and let you work from home   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