US STOCKS-Wall Street ends lower as Apple and Tesla retreat

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* Materials outperform, tech retreats

(Updates with close of session)
By Noel Randewich
March 2 (Reuters) - Wall Street ended lower on Tuesday,
pulled down by Apple and Tesla, while materials stocks climbed
as investors waited for the U.S. Congress to approve another
stimulus package.
Following strong gains in the prior session, technology
shares dipped in the resumption of a rotation by investors out
of stocks that outperformed due to the coronavirus pandemic and
into others viewed as likely to do well as the economy recovers.
The S&P 500 materials .SPLRCM and consumer staples sector
indexes .SPLRCS rose.
Yields on the benchmark 10-year Treasury bonds US10YT=RR
have stabilized after hitting a one-year high last week.
"Part of it is just because technology went up so much last
year, and if interest rates are on the rise then the value of
their future cash flows is diminished," said Tom Hainlin, global
investment strategist at U.S. Bank Wealth Management.
The S&P 500 on Monday logged its best day since June as
markets cheered approval of a third COVID-19 vaccine in the
United States and the U.S. House of Representatives' green light
for a $1.9 trillion coronavirus relief package.
The U.S. Senate will start debating President Joe Biden's
relief bill this week when Democrats aim to pass the legislation
through a maneuver known as "reconciliation," which would allow
the bill to pass with a simple majority. Apple AAPL.O dipped and Tesla TSLA.O declined, with the
two companies contributing the most to the S&P 500's loss for
the day.
The S&P 500 technology sector index .SPLRCT dropped,
extending a pullback from late last month after a selloff in the
U.S. bond market sparked fears over highly valued stocks.
Unofficially, the Dow Jones Industrial Average .DJI fell
0.46% to end at 31,390.47 points, while the S&P 500 .SPX lost
0.81% to 3,870.36.
The Nasdaq Composite .IXIC dropped 1.69% to 13,358.79.
The Russell 2000 index .RUT of smaller companies declined,
trimming its gain in 2021 to about 14%, compared with the S&P
500's rise of under 4% in the same period.
Kohl's Corp KSS.N rose after it posted holiday-quarter
results beyond market expectations on a boost in online sales
and as the company reined in costs. TV ratings provider Nielsen NLSN.N jumped after it sold
its advanced video advertising business to television streaming
platform provider Roku ROKU.O . Shares of Roku dropped.
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