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(Close): US stocks Tuesday finished mostly lower with the Nasdaq composite dropping more than 0.5% to 4,416.39 after the Federal Reserve warned that some technology stocks appear to be overvalued.

Shares in JP Morgan were up 3.5%, while Goldman was trading 1.3% higher.

This helped push the Dow Jones index up 0.03%, to 17060.68.

On the downside, healthcare giant Johnson & Johnson fell 2%, while Walt Disney was down 0.7%.

Nasdaq fell as low as 4,389.70 earlier in the session after a Fed report to Congress said smaller stocks in social media and biotechnology "appear substantially stretched."