Stocks slump on Tuesday | Treasury yields surge | Goldman Sachs shares fall nearly 7%

Stocks slid to start the week Tuesday, as rates built on their hot start to 2022.

VIEW IN BROWSER | SUBSCRIBE TUE, JAN 18, 2022 EVENING BRIEF AS OF TUE, JAN 18, 2022 • 04:38 ET DJIA 35368.47 -1.51% -543.34 S&P 500 4577.11 -1.84% -85.74 NASDAQ 14506.90 -2.60% -386.86   Most Active DOW NAME LAST CHG %CHG AAPL 169.80 -3.27 -1.89% MSFT 302.65 -7.55 -2.43% INTC 54.76 -0.94 -1.69% S&P 500 NAME LAST CHG %CHG ATVI 82.31 +16.92 +25.88% F 24.38 -0.81 -3.22% AAPL 169.80 -3.27 -1.89% NASDAQ NAME LAST CHG %CHG ATVI 82.31 +16.92 +25.88% AAPL 169.80 -3.27 -1.89% AMD 131.93 -4.95 -3.62%   EDITOR'S NOTE Stocks slid to start the week Tuesday, as bond yields built on their hot start to 2022 and disappointing earnings from Goldman Sachs dented market sentiment.   The Dow Jones Industrial Average dropped more than 540 points. The S&P 500 and Nasdaq Composite fell 1.8% and 2.6%, respectively. The technology-focused Nasdaq closed at its lowest level in three months.    Goldman Sachs was the biggest drag on the Dow after losing nearly 7%. The bank missed analysts' expectations for its fourth-quarter earnings after operating expenses surged 23% on increased pay.   The closely watched 2-year yield broke above 1% for the first time since February 2020, triggering the decline in stocks. "Two-year yields breaking above 1% is the bond market saying it agrees with the Fed that more aggressive hikes are coming," said Ryan Detrick of LPL Financial. "Add those worries with crude flirting with $85 a barrel and stubbornly high inflation, and we have a perfect cocktail for a risk-off day."   The 10-year Treasury yield topped 1.87% on Tuesday, its highest level since January 2020. The benchmark yield started the year around 1.5%.   Technology stocks were hit the hardest on Tuesday, spurring the Nasdaq to close below its 200-day moving average for the first time since April 2020. Growth stocks get particularly punished when rates rise as their future earnings look less attractive.   Earnings season continues on Wednesday with reports from Bank of America and Morgan Stanley before the bell. Maggie Fitzgerald | CNBC Markets Reporter @mkmfitzgerald Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow drops 540 points, Nasdaq falls 2.6% as 10-year yield rises to 2-year high Microsoft to buy Activision in $68.7 billion all-cash deal AT&T, Verizon delay 5G rollout near some airports after airlines warned of flight cancellations 10-year Treasury yield hits 2-year high, hovers around 1.87% Goldman shares drop nearly 7% after earnings miss on surging expenses, equities trading slowdown WHO says omicron won't be last Covid variant as global cases surge by 20% in a week Rising interest rates could keep a choke hold on tech and growth stocks Mortgage rates jump again, causing headaches for homebuyers Here are Goldman's top tactical trades as earnings season heats up Supreme Court's Gorsuch refused to wear mask despite request over Sotomayor's Covid concerns, report says   TOP VIDEO We continue to be overweight risk assets, says Northern Trust's Thomas   CNBC PRO Troubled stock market this January could signal poor returns ahead, history shows   SPECIAL REPORTS Leaving a steady job to freelance or start your own business requires proper planning Americans think they'll need $1.9 million to retire. Here's how much you really need   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2022 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 Watch our live stream for all you need to know to invest smarter.