NEW YORK (AP) — U.S. stocks closed lower under the weight of higher yields in the bond market.

The S&P 500 fell 0.7% Wednesday, sinking further from its record set last week. The Dow Jones Industrial Average lost 1.1% and the Nasdaq composite fell 0.6% after setting its latest all-time high.

American Airlines Group led a slump for airlines after cutting its forecast for profit and other financial targets for the spring.

Another climb for yields in the bond market also weighed on the stock market broadly following an auction of $44 billion in Treasurys.

The yield on the 10-year Treasury rose to 4.61%.