The Nasdaq tumbled for a second-straight session on Tuesday after U.S. President Joe Biden announced he is re-nominating Federal Reserve Chairman Jerome Powell for a second four-year term, leading many to bet that interest rates will spike sooner than previously expected. As a result, Treasury yields rose, putting pressure on the tech sector, dragging down the tech-laden Nasdaq. Meanwhile, the Dow was the session's outperformer, gaining 194 points thanks to upbeat purchasing managers' index (PMI) readings earlier in the day, while the S&P 500 remained relatively unchanged.

The Dow Jones Average (DJI - 35,813.80) added 194.6 points or 0.6% for the day. Goldman Sachs (GS) led the 20 blue-chip winners with a 2.6% gain, while Walt Disney (DIS) paced the laggards with a 2% drop.

The S&P 500 Index (SPX - 4,690.70) rose 7.8 points, or 0.2% for the day, while the Nasdaq Composite (IXIC - 15,775.14) lost 79.6, or 0.5% for the day.

Lastly, the CBOE Market Volatility Index (VIX - 19.38) added 0.2 points or 1.1% for the day.

BIDEN TO RELEASE 50 MILLION BARRELS FROM SPR

President Biden announced that the U.S. will release 50 million barrels of crude from the Strategic Petroleum Reserve (SPR) in an effort to combat rising gas prices. The global effort is the first of its kind, featuring coordination between the U.S., India, China, Japan, the Republic of Korea, and the U.K. Still, the most-active and front-month January-dated crude added 2.3%, or $1.75 to close at $78.50. 

U.S. Federal Reserve Chair Jerome Powell's re-nomination sent gold prices lower today, with bullion slipping near a three-week low. Investors have a better gauge on the future of the central bank's policy decision, leading many to speculate that interest rates will be hiked sooner than expected, lending strength to the dollar and Treasury yields. In response, December-dated gold dropped $22.50 or 1.2%, at $1,783.80.