Stocks fell sharply Monday, pushing the S&P 500 to breach the 4,000 level for the first time in more than a year as the market sell-off continued.

The Dow Jones Industrial Average dropped 610 points, or 1.9%. The S&P 500 fell 3.1%, while the Nasdaq Composite lost 4.2%.

The S&P 500 traded as low as 3,988.23 on the day, dipping below the 4,000 mark for the first time since April 2021 and pulling back 17% from a 52-week high as traders struggled to bounce back from last week’s big market swings. All sectors except for consumer staples dipped into the red.

Amid the losses, the benchmark 10-year Treasury note yield hit its highest level since late 2018, trading well above 3%.

“This is significant repricing, this is significant dislocation and this is all being spurred and driven by Federal Reserve policy,” said Jeff Kilburg of Sanctuary Wealth. “The only way I see us finding the bottom in equities short-term, the only way I see markets healing is if the Fed has the ability with the tools in their toolbox to calm down interest rates. The 10-year note needs to go back under 3%.”

Rising rates continued to crush technology names such as Meta Platforms and Alphabet, which fell more than 4.3% and 1.7%, respectively. Amazon, Apple and Netflix all fell nearly 3%, while Tesla and Nvidia dipped more than 6%.

The combination of high rates and a potential recession as inflation surges also hit other areas of the market. Consumer stocks like Nike suffered along with industrials such as Caterpillar and Deere. Bank stocks also came under pressure with Bank of America falling more than 3%.