Nasdaq drops more than 1% | Powell chosen for second Fed term | Goldman’s tech picks for rising rates

Stocks were volatile on Monday as President Joe Biden announced that he would renominate Jerome Powell as Fed chair.

VIEW IN BROWSER | SUBSCRIBE MON, NOV 22, 2021 EVENING BRIEF AS OF MON, NOV 22, 2021 • 05:11 ET DJIA 35619.25 +0.05% +17.27 S&P 500 4682.94 -0.32% -15.02 NASDAQ 15854.76 -1.26% -202.68   Most Active DOW NAME LAST CHG %CHG AAPL 161.02 +0.47 +0.29% CSCO 54.60 +1.35 +2.54% INTC 49.83 +0.31 +0.63% S&P 500 NAME LAST CHG %CHG F 20.48 +1.09 +5.62% AAPL 161.02 +0.47 +0.29% NVDA 319.56 -10.29 -3.12% NASDAQ NAME LAST CHG %CHG AAPL 161.02 +0.47 +0.29% NVDA 319.56 -10.29 -3.12% AMD 152.52 -2.89 -1.86%   EDITOR'S NOTE Stocks were volatile on Monday as President Joe Biden announced that he would renominate Jerome Powell as Fed chair, stamping his approval of the central banker who has guided the U.S. economy through the depths of the Covid-19 pandemic.    The competition for Fed chair appeared to be between the incumbent Powell and Fed Governor Lael Brainard, who was favored by some progressives in Congress. In tapping Powell to serve another term and nominating Brainard to vice chair, Biden appears to have threaded the needle between pleasing markets and Capitol Hill.    "We expect this pair to win quick Senate confirmation, and we view this decision as a market positive, especially for banks," Ed Mills, Washington policy analyst at Raymond James, said in a note to clients.  "The markets have been comfortable with Powell and have considerable confidence in his leadership, especially given his stewardship through the COVID crisis." "Going forward, there are considerable challenges for the Fed, but [Powell's] leadership will be viewed as more market-driven, rather than politically-driven (a market concern we had heard with a potential Brainard-led Fed)," Mills added. The initial winner from Biden's decision appeared to be bank stocks. The prospect of rising interest rates helped lift stocks like JPMorgan and Goldman Sachs more than 2%. Those names also benefited from the fact that Brainard – who is viewed as more aggressive on regulation – was passed over for the top job at the central bank. "The stock market is voting today for continuity, and the interest market is saying there will be higher rates, so for banks what that means is normalized rates should mean normalized earnings," Wells Fargo senior banking analyst Mike Mayo said on "Closing Bell."   The overall market picture was more negative for the session, however, as higher rates appeared to hit tech stocks. The Nasdaq Composite and S&P 500 both finished in the red after setting intraday record highs in morning trading, while the Dow held on to a gain of about 17 points.  Jesse Pound | CNBC Markets Reporter @jesserpound Watch our live stream for all you need to know to invest smarter. TOP NEWS  Nasdaq dips more than 1% as bond yields rise, tech falters after Biden selects Powell for second Fed term Biden picks Jerome Powell to lead the Fed for a second term as the U.S. battles Covid and inflation Home sales rose in October as investors rushed into the market More than 90% of federal workers have received at least one Covid vaccine dose, White House says Here's what you need to know about Lael Brainard, Biden's pick for vice chair at the Fed This year's hottest technology IPOs are having a difficult day Bank of America's chief investment strategist Michael Hartnett is bearish on 2022, sees a rates shock Trump-allied dark money group joins forces with a think tank run by ex-president's former aides California ports report supply chain progress, delay fines for lingering cargo containers Tech stocks could get hit by rising rates but Goldman says these names in the sector are safe   TOP VIDEO High dividend payers are best for high inflation, this portfolio manager says   CNBC PRO Biden has one more unexpected trick up his sleeve to boost stocks, JPMorgan says   SPECIAL REPORTS Consider these year-end tips to lower your tax bill or boost your refund Here's how Medicare could change if 'Build Back Better' spending bill becomes law   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