U.S. stocks slid Monday after Treasury yields hit their highest levels since the summer and oil prices continued to climb.

The S&P 500 dropped 1%, though it’s still close to its all-time high set a week earlier. The Dow Jones industrial average fell 398 points, or 0.9%, coming off its own record, while the Nasdaq composite sank 1.2%.

It’s a stall for U.S. stocks after they rallied to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation.

The two-year Treasury yield also briefly climbed back above 4% Monday, up from 3.50% a couple weeks ago.

Monday’s sharpest losses hit stocks of utility companies. These kinds of stocks tend to pay big dividends, which means they can see potential buyers leave when bonds are paying more in interest.

Utilities fell 2.3% for the sharpest loss among the 11 sectors that make up the S&P 500 index, including a 5.2% drop for Vistra and a 3.3% slide for Duke Energy.

It’s more difficult to look attractive to investors seeking income when a 10-year Treasury is paying a 4.02% yield, up from 3.97% late Friday and from 3.62% three weeks ago.

The yield on the two-year Treasury, which more closely tracks expectations for the Fed, jumped more on Monday. It rose to 3.99% from 3.92% late Friday.

Brent crude, the international oil standard, rose another 3.7% Monday to settle at $80.93 per barrel. Benchmark U.S. crude, meanwhile, also gained 3.7%, to $77.14 per barrel.

An exception was Nvidia, which rose another 2.3%. It rode another upswell in excitement about artificial-intelligence technology after Super Micro Computer soared 15.8% after saying it recently shipped more than 100,000 graphics processing units with liquid cooling.

Elsewhere on Wall Street, winemaker Duckhorn Portfolio more than doubled after a private-equity firm said it would buy the company for roughly $1.95 billion in cash.

All told, the S&P fell 55.13 points to 5,695.94. The Dow dropped 398.51 to 41,954.24, and the Nasdaq sank 213.95 to 17,923.90.

— Associated Press