The NASDAQ Composite fell sharply for the second-straight day on Tuesday as higher interest rates appeared to put pressure on high-flying tech stocks.

The Dow Jones Industrials eked up 2.41 points to 35,621.66.

The S&P 500 index dropped 17.9 points to 4,665.04

The NASDAQ Composite inched downward 192.50 points, or 1.2% to 15,662.25.

Tuesday’s moves come after the market slid into the close in the previous session after the S&P 500 had hit an intraday record earlier in the session.

Social media stocks such as Facebook-parent Meta and Twitter each fell more than 2%, while streaming giant Netflix dropped 1.8% and Roku slid more than 3%.

In earnings news, shares of video conferencing company Zoom Video Communications tumbled 17% a day after it beat earnings estimates but warned of a slowdown ahead as the COVID pandemic winds down and the demand for remote contact decreases.

Shares of Best Buy also fell sharply after the company said comparable sales and gross profit margin might decline in the fourth quarter compared to the year ago period.

On the positive side, chipmaker Western Digital was one of the best performers in early trading following an upgrade from Mizuho. Energy stocks also moved higher even after President Joe Biden announced on Tuesday that he would tap the strategic petroleum reserve in an attempt to lower gas prices at a time when inflation is running at its highest level in three decades.

Earnings season continues on Tuesday with reports from American Eagle, Best Buy and Abercrombie & Fitch before the bell. Dell Technologies, GAP, HP and Nordstrom report quarterly earnings after the bell on Tuesday.

U.S. markets will be closed Thursday on Thanksgiving Day. The stock market closes early at 1 p.m. ET on Friday.

Prices for 10-year Treasurys eased off a bit, raising yields to 1.65% from Monday’s 1.63%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.44 to $78.19 U.S. a barrel.

Gold prices doffed $23.80 to $1,782.50 U.S. an ounce.