Stocks fell on Tuesday, the first day of September, as inflation worries and elevated oil prices lifted bond yields in the U.S. and abroad, raising concern about whether the Federal Reserve will tighten monetary policy later this month.

The Dow Jones Industrial Average shed 347 points, or 0.65%. The S&P 500 shed 0.7% as well, while the Nasdaq Composite pulled back 1.3%.

Tech stocks fell broadly. Nvidia, Advanced Micro Devices and Micron Technology were all down more than 1%. Microsoft lost 1% as well, while Google-parent Alphabet slipped 0.6%.

Global bond yields continued their march higher. The U.S. 10-year Treasury note yield scaled to levels not seen since January 2025. Japan’s 10-year yield reached its highest level since August 1996, while Germany’s benchmark yield rose to a 2011 high.

Yields around the world have been rising recently as traders worry that persistently higher oil prices may drive inflation. On top of that, September has been a historically bad month for stocks.