Nasdaq dips ahead of key Fed decision | Wholesale prices jumped | Stocks to play higher rates

Some of the most popular investment areas have taken big hits in the opening weeks of December. 

VIEW IN BROWSER | SUBSCRIBE TUE, DEC 14, 2021 EVENING BRIEF AS OF TUE, DEC 14, 2021 • 05:08 ET DJIA 35544.18 -0.30% -106.77 S&P 500 4634.09 -0.75% -34.88 NASDAQ 15237.64 -1.14% -175.64   Most Active DOW NAME LAST CHG %CHG AAPL 174.33 -1.41 -0.80% MSFT 328.34 -11.06 -3.26% INTC 49.70 -0.30 -0.60% S&P 500 NAME LAST CHG %CHG AAPL 174.33 -1.41 -0.80% F 20.05 -0.38 -1.86% T 22.29 -0.15 -0.67% NASDAQ NAME LAST CHG %CHG AAPL 174.33 -1.41 -0.80% NVDA 283.37 +1.76 +0.62% AMD 135.60 +1.80 +1.35%   EDITOR'S NOTE Some of the most popular investment areas have taken big hits in the opening weeks of December.    Last week, it was cryptocurrency that was under pressure as bitcoin fell well below the $50,000 mark. On Monday, the air appeared to come out of the meme stocks, with AMC Entertainment and GameStop both falling sharply.    On Tuesday, it was Big Tech's turn, at least briefly, as the Invesco QQQ Trust fell as much as 2.2% in intraday trading before trimming its losses late in the session.  Software stocks like Microsoft and Adobe were a particular weak spot.  However, these events should be viewed as two separate phenomena instead of a rolling pullback, said AlphaTrAI chief investment officer Max Gokhman.    For crypto and the meme plays, the sharp dips indicated that the "diamond hands have gloves on them now" as the end of the year approaches, he said.    "Whether you're a retail or professional investor, there is some element of wanting to lock in your gains. That's just psychological," said Gokhman.   Meanwhile, the drop for Big Tech could be the result of investors pricing in more rate hikes by the Federal Reserve in 2022 and realizing last week's record highs may not be sustainable, he said, adding that it might make some relatively cheap stocks more attractive.    Given these dynamics heading into the final weeks of 2021, Gokhman warned that the so-called Santa Claus rally may not arrive with the year-end bump that many investors expect.  Jesse Pound | CNBC Markets Reporter @jesserpound Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks fall ahead of key Fed decision, Nasdaq drops 1.1% as software names slide Wholesale prices measure rose 9.6% in November from a year ago, the fastest pace on record WHO says omicron is spreading at a rate not seen with any other Covid variant Elon Musk sells another $906.5 million worth of Tesla shares House set to vote on criminal contempt referral for Trump aide Mark Meadows The Federal Reserve is expected to take a very big step toward its first rate hike Democrats will move to raise the debt ceiling hours before deadline These stocks worked the last time the Fed started hiking rates and Wall Street likes them now Apple will require masks for customers at all U.S. stores because of rising Covid cases The Fed will halt asset purchases by March and hike rates in June, CNBC survey predicts   TOP VIDEO Why Pete Najarian is buying more Apple calls   CNBC PRO UBS makes its highest conviction stock picks heading into the new year   SPECIAL REPORTS Her student loans were forgiven. Then the Education Department refunded her $20,000 How to take cash out of your home when mortgage rates are rising   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