As investors anticipate efforts by the Federal Reserve to boost interest rates, stocks fell broadly in morning trading on Wall Street Monday. Bond yields continued to rise.

As of 10:26 a.m. Eastern, the S&P 500 was down 1.8 percent. The Nasdaq sank 2.3 percent and the Dow Jones Industrial Average fell 523 points, or 1.5 percent, to 35,716.

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The broader market was once again headed lower by technology stocks. Throughout January, the sector has been the greatest drag on the market. Because of their massive size, big technology stocks have a disproportionate impact on the S&P 500. Microsoft was down 2.5 percent, while Apple was down 2.1 percent.

The Federal Reserve is being eagerly watched by Wall Street for signs as to when it will boost interest rates. The central bank has previously stated that it will reduce its bond purchases, which have aided in keeping interest rates low.

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Higher interest rates make stocks of expensive tech and other pricy growth businesses less appealing to investors, which is why the sector has been falling as bond yields have risen.

The 10-year Treasury yield increased to 1.80 percent from 1.76 percent late Friday.

Every sector in the benchmark S&P 500 declined, albeit sectors perceived to be less hazardous, such as utilities and manufacturers of consumer goods, fared better than the rest of the market.

Elsewhere in the market a mix of deal news and financial updates moved several large stocks.

Also read: US stocks turn mixed ahead of economic reports and earnings

Take-Two Interactive, maker of “Grand Theft Auto”, plunged 14.4% after announcing a deal to buy Zynga, which makes “Words With Friends” and “Farmville” and jumped 44.7%.

Athletic apparel maker Lululemon Athletica fell 5.6% after warning investors that a surge in virus cases hurt its fourth-quarter financial results. Medical products maker and distributor Cardinal Health fell 9.5% after saying that supply chain problems will hurt profits for its medical segment.

Investors have a busy week of economic reports and corporate earnings.

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On Wednesday, the Labor Department will give Wall Street an update on how inflation is impacting prices with its Consumer Price Index for December. The agency will release details on how inflation is impacting businesses with its Producer Price Index for December on Thursday.

On Friday, Citigroup, JPMorgan Chase and Wells Fargo will report their latest quarterly financial results.

(with inputs from AP)