Stocks closed lower on Wall Street Wednesday, giving back nearly all of the gains they made a day earlier, as crude oil prices rose sharply again.

The S&P 500 lost 1.2%, the Dow Jones Industrial Average fell 1.3% and the Nasdaq fell 1.3%. Technology, health care and financial stocks were among the biggest losers.

Retailers and communications companies also lost ground. Energy stocks rose along with crude oil prices. Bond yields eased back.

U.S. President Joe Biden headed to Europe for an emergency NATO meeting Thursday, where sanctions and the Russian oil embargo will likely top the agenda.