NEW YORK (AP) — Stocks are closing sharply lower on Wall Street as worries grow in markets that the higher interest rates the Federal Reserve is using in its fight against inflation will slow the economy.

The S&P 500 pulled back 3.6%, erasing a rally from a day earlier and marking its biggest loss in almost two years.

The Dow fell 1,063 points, or 3.1%. Tech stocks fell the most, pulling the Nasdaq down 5%. The yield on the 10-year Treasury note rose to 3.04%.

Rising yields are sure to put upward pressure on mortgage rates, which are already at their highest level since 2009.