Stocks ended lower on Wall Street Friday and Treasury yields rose as investors anticipated the Federal Reserve will stay on course to raise interest rates as soon as March.

The S&P 500, the Dow Jones Industrial Average and the Nasdaq fell. The yield on the 10-year Treasury hit its highest level since COVID-19 began pummeling markets at the start of 2020.

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The yield on the 10-year Treasury hit 1.77%, up from 1.73% late Thursday. That’s its highest closing point since the middle of January 2020, according to Tradeweb.

Investors are now pricing a better than 79% probability that the Fed will raise short-term rates in March. A month ago, they saw less than 39% of a chance of that, according to CME Group.

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If the Fed does raise rates, it could help corral the high inflation sweeping the world. But it would also mark an end to the conditions that have put financial markets in “easy mode” for many investors.

Friday’s pullback marked the S&P 500’s fourth straight drop. It ended down 19.02 points to 4,677.03, or about 2.5% below the all-time high it set Monday.

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The Dow Jones Industrial Average slipped 4.81 points, or less than 0.1%, at 36,231.66, after earlier flipping between a gain of 146 points and a loss of 124. The Nasdaq composite fell 144.96 points, or 1%, to 14,935.90. The major indexes all posted a weekly loss, though Nasdaq’s weekly slide was its biggest since late February.

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Smaller company stocks fell more than the broader market. The Russell 2000 index fell 26.56 points, or 1.2%, to 2,179.81.

Tesla fell 3.5% and Nvidia slid 3.3%. Both were among the heaviest weights on the S&P 500.