Most U.S. stocks slumped on Tuesday after the latest update on inflation hurt Wall Street’s hopes for lower interest rates.

The S&P 500 fell 0.4%, though it’s still near its all-time high set last week, as 90% of the stocks within the index fell. The Dow Jones industrial average dropped 436 points, or 1%.

Tech stocks were an outlier, though, and the Nasdaq composite rose 0.2% to set another record thanks to Nvidia, the market’s most influential stock.

Stocks felt pressure from a report showing inflation in the United States accelerated to 2.7% last month from 2.4% in May.

The inflation rate reported on Tuesday morning wasn’t far from what economists expected. And an underlying measure of inflation that economists think is a better predictor of future trends accelerated by less than feared.

Altogether, the data helped cause Treasury yields to yo-yo a few times in the bond market before they began rising.

The yield on the 10-year Treasury climbed to 4.48% from 4.43% late Monday. The yield on the two-year Treasury, which more closely tracks expectations for what the Federal Reserve will do with short-term interest rates, rose to 3.95% from 3.90%.

On Wall Street, tech stocks rose. Nvidia’s 4% gain was by far the strongest force pushing upward on the Nasdaq.

Stocks of big U.S. banks, meanwhile, were mixed following their latest profit reports.

JPMorgan Chase slipped 0.7% despite reporting a stronger profit than analysts expected.

Citigroup rose 3.7% following its better-than-expected profit report. But Wells Fargo fell 5.5% following its own report.

All told, the S&P 500 fell 24.80 points to 6,243.76. The Dow dropped 436.36 to 44,023.29, and the Nasdaq composite rose 37.47 to 20,677.80.

— Associated Press