Stocks finished widely down on Wall Street on Tuesday after a dismal reading of US consumer sentiment fueled investors’ concerns that dramatically higher interest rates and widespread inflation might cause a recession.

The S&P 500 finished 2% down, erasing a 1.2% gain earlier in the day. The Dow Jones Industrial Average sank 1.6%, while the Nasdaq Composite plummeted 3%.

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Approximately 85% of the equities in the benchmark S&P 500 finished in the red. Stocks in technology, communications, and health care contributed significantly to the fall. Retailers and other businesses that rely on direct consumer spending also contributed to the index’s decline. Energy stocks, the only sector in the index to notch gains this year, rose as crude oil prices headed higher.

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The indexes got off to a solid start, but the gains faded by midday after the Conference Board reported that its consumer confidence index fell in June to its lowest level in more than a year. The decline was driven largely by concerns over inflation, including rising prices for gas and food. The results were also much weaker than economists expected.

The S&P 500 fell 78.56 points to 3,821.55, while the Dow dropped 491.27 points to 30,946.99. The tech-heavy Nasdaq slid 343.01 points to 11,181.54.

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Smaller company stocks also fell. The Russell 2000 gave up 32.90 points, or 1.9%, at 1,738.84. The indexes are all on pace to for losses of 6% or more in June.

Athletic footwear and apparel giant Nike fell 7% after giving investors a cautious update on the potential hit to revenue because of lockdowns in China. The company relies on China for roughly 17% of its revenue, according to FactSet.

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Wynn Resorts rose 3.2% and Las Vegas Sands added 4%. The companies, which have major gambling businesses in China, got a boost after China eased a quarantine requirement for people arriving from abroad.

Technology and communications companies were among the biggest losers Tuesday. Microsoft fell 3.2% and Apple dropped 3%. Google parent Alphabet slid 3.3%.

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Energy stocks made solid gains as U.S. crude oil prices rose 2%. Hess rose 5.6% for the biggest gain in the S&P 500.

The yield on the 10-year Treasury note, which helps set mortgage rates, held steady at 3.19%. Overseas markets rose.