U.S. stocks slid on Tuesday as 10-year Treasury yields hit the highly anticipated 3 percent mark for the first time in four years, stoking concerns over higher borrowing rates for companies already facing rising costs, and as quarterly results failed to deliver positive outlooks.

The S&P 500 and the Dow fell the most in two-and-a-half weeks, while the Dow Jones Industrial Average was down for a fifth day in a row. The S&P 500 is now down 1.5 percent year-to-date.

The 10-year yield, a benchmark for global borrowing costs, has been driven steadily higher by a combination of concerns over inflation, growing debt supply and rising Federal Reserve borrowing costs.

“It makes borrowing costs more expensive for corporations. This market rally for the last nine years has been driven by low interest rates, accommodating monetary policy and excess liquidity,” said Oliver Pursche, chief market strategist for Bruderman Asset Management in New York.

Higher bond yields could also prompt portfolio managers to weigh moving money into more attractive fixed-income securities at the expense of equities. The stock market had already been spooked by a climb in bond yields earlier in the year, sliding sharply in February.

The Dow Jones Industrial Average fell 423.32 points, or 1.73 percent, to 24,025.37, the S&P 500 lost 35.74 points, or 1.34 percent, to 2,634.55 and the Nasdaq Composite dropped 121.25 points, or 1.7 percent, to 7,007.35.

At one point the Dow was down more than 600 after rising as much as 131 points shortly after the open of trading.

Meanwhile, so-called FANG stocks lost $86.6 billion in stock value Tuesday, CNBC reported.

FANG stocks are a basket of high-growth technology stocks — Facebook, Amazon, Netflix and Alphabet (formerly known as Google) that have led the bull run of the last 9 years.

Technology and industrial stocks weighed on the major indexes on Tuesday, with Alphabet, Facebook, 3M and Caterpillar all falling more than 3.5 percent.

Alphabet shares fell  more han 4 percent, erasing the stock’s year-to-date gains as rising expenses and shrinking margins overshadowed the company’s better-than-expected profit.

Industrial bellwether Caterpillar tumbled more than 6 percent on fears of increasing steel prices, despite the company’s beating earnings estimates due to strong global demand.

Diversified industrial manufacturer 3M was the biggest drag on the Dow Jones Industrial Average. Shares fell 7 percent after the company posted in-line profits as lower taxes offset a miss in operating profits and the company lowered its 2018 earnings forecast.

“We’re seeing some of the earnings numbers have come out, and after further review, (investors) realized where all this revenue was coming from,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “They didn’t see it as recurring or indicative of the core business.

“I think what investors had hoped the benefit from taxes would get redeployed back into the company. That’s not happening,” Nolte said.

So far, 24 percent of S&P 500 companies have reported first-quarter results, with 77.1 percent coming in above the Street consensus, versus the 64 percent average since 1994. Analysts estimate 21.1 percent growth in earnings for the quarter, according to Thomson Reuters data.

On the economic front, U.S. consumer confidence rebounded in April, according to the Conference Board, as short-term optimism improved and the share of consumers expecting their incomes to decline in the coming months hit its lowest level since December 2000.

Oil rose above $75 a barrel to its highest level since November 2014, but then reversed course as U.S. President Donald Trump and French President Emmanuel Macron pledged to try to resolve U.S.-European differences on Iran, easing concerns that the United States might reinstate sanctions against Iran.

Declining issues outnumbered advancing ones on the NYSE by a 1.94-to-1 ratio; on Nasdaq, a 1.71-to-1 ratio favored decliners.

The S&P 500 posted 13 new 52-week highs and 21 new lows; the Nasdaq Composite recorded 61 new highs and 90 new lows.

Volume on U.S. exchanges was 7.22 billion shares, compared to the 6.80 billion average for the full session over the last 20 trading days.