Stocks fell Wednesday as a pullback in shares of Google-parent Alphabet following its latest quarterly results led the broader technology space lower. A rebound in the 10-year Treasury yield also weighed on growth-related shares.

The Nasdaq Composite lost 1.2%, while the S&P 500 pulled back by 0.7%. The Dow Jones Industrial Average slipped 33 points, or 0.1%. The S&P 500, which is off about 2% in October, posted its first gain in six sessions on Tuesday.

Alphabet shares tumbled more than 8% as its cloud business missed analysts’ estimates, overshadowing its strong revenue growth and earnings beat. The decline in Alphabet stock is its worst fall since October 2022. The S&P 500 communication services sector shed nearly 5%, and is on track for its worst day since October 2022. Alphabet is the largest component of the sector.

Shares of peer tech behemoths and Apple and Amazon meanwhile, slipped 1% and 2.5%, respectively. Amazon is set to report third-quarter results after the closing bell on Thursday.

While corporate earnings maintain investor focus this week, investors also kept an eye on yields, as they hovered near multiyear highs. The benchmark 10-year Treasury yield added 7 basis points to back above 4.90%. It traded above 5% earlier in the week, which rattled investors and hit tech shares.

“Earnings are dominating the headlines, but I can’t take my eyes off the bond market,” said Ed Moya, senior market analyst at Oanda. “We haven’t seen this skyrocketing pace in yields since 1982 and that should spell trouble for stocks.”

Microsoft stood out as an outlier among the decline in tech stocks on Tuesday, with shares gaining more than 4% after first-quarter results beat Wall Street estimates.

Tech firms IBM and Meta will post quarterly results in the afternoon. About 29% of S&P 500 companies have posted third-quarter earnings thus far. Of those companies, 78% have exceeded expectations.