Stocks closed lower on Wall Street, led by banks, industrial and health care companies.
Inflation remains a growing concern among investors, which would be a major drag on the overall market if it takes hold. Tech stocks, which get most of their valuation from the future profits those companies are expected to earn, become less valuable if inflation decreases the value of those earnings.
Commodity prices have been rising, particularly for industrial metals such as copper and platinum, as well as for energy commodities like gasoline and crude oil.
The S&P 500 fell 36.33 points, or 0.9%, to 4,152.10.
The Dow Jones Industrial Average fell 473.66, or 1.4%, to 34,269.16.
The Nasdaq fell 12.43 points, or 0.1%, to 13,389.43.
The Russell 2000 index of smaller companies fell 5.71 points, or 0.3%, to 2,206.99.
For the week:
The S&P 500 is down 80.50 points, or 1.9%.
The Dow is down 508.60 points, or 1.5%.
The Nasdaq is down 362.81 points, or 2.6%.
The Russell 2000 is down 64.64 points, or 2.8%.
For the year:
The S&P 500 is up 396.03 points, or 10.5%.
The Dow is up 3,662.68 points, or 12%.
The Nasdaq is up 501.14 points, or 3.9%.
The Russell 2000 is up 232.13 points, or 11.8%.