Stocks fell to a new low for the year on Wall Street Tuesday and bond yields surged amid renewed jitters the Federal Reserve will lift interest rates to tackle rising inflation.

The S&P 500 fell 1.8%, the Dow Jones Industrial Average lost 1.5% and the Nasdaq sank 2.6%. Technology stocks and banks led the decline.

Goldman Sachs fell after the investment bank reported a sharp drop in profits.

Crude oil prices rose amid supply concerns following an attack on an oil facility in the capital of the United Arab Emirates.

Activision Blizzard soared on news of a blockbuster buyout by Microsoft.