Stocks fell on Monday as key technology stocks that have led the bull market continued to be dumped by investors.

The S&P 500 lost 0.7% and the Nasdaq Composite fell by 1.4%. The Dow Jones Industrial Average was the relative outperformer, rising 110 points or 0.3%. All three benchmarks have fallen over the past two weeks, with technology stocks causing the most damage.

Palantir And Nvidiatwo of the bull market leaders popular with retail investors, each lost more than 3%, building on their losses from last week. Nvidia fell nearly 6% in the period, while Palantir lost 11%. Other popular tech stocks including Tesla And micron were also downstairs.

Rising bond yields were one of the triggers for the sell-off in growth-oriented stocks. The 10-year Treasury yield hit its highest level since November 2023 on Monday. Yields rose sharply on Friday after a stronger-than-expected jobs report cast doubt on further rate cuts by the Federal Reserve.

“With current inflation and inflation expectations high and stubborn, and bond yields having risen sharply and quickly, equity investors are starting to become more cautious,” said Katherine Nixon, chief investment officer of asset management at Northern Trust.

The shares have had a losing week. The Dow lost 697 points on Friday. The 30-stock Dow and S&P 500 both ended the week down 1.9%, while the Nasdaq Composite lost 2.3%. All three are now in the red for the new year.

Investors are hoping for the fourth quarter earnings season to start with markets stabilizing. Banks incl Citigroup, Goldman Sachs And JPMorgan Chase Report on Wednesday, during Morgan Stanley And Bank of America will publish the results on Thursday.

This week’s data includes the December consumer price index from Wednesday morning. Before that, investors will analyze wholesale inflation on Tuesday based on December’s producer price index report.