Stocks tumbled Tuesday as Treasury yields continued to rise above pre-pandemic levels, and disappointing results from another major Wall Street bank dragged the financial sector lower.

The S&P 500 fell 1.9% to start the week after the markets were closed Monday for Martin Luther King Day. The Nasdaq composite fell 2.3%. The losses added to a streak that has seen both indexes fall sharply since the start of the year.

A key reason for the recent selling, a jump in government bond yields, reflecting expectations that the Federal Reserve will soon start to raise interest rates, continued Tuesday. The yield on the benchmark 10-year U.S. Treasury note climbed to 1.86%, the highest level since January 2020, before the pandemic hampered the economy.

Financial stocks led the decline Tuesday. Goldman Sachs fell about 8.4% after the company reported its profit in the last quarter tumbled 13% from the previous year to $3.94 billion, falling short of analysts’ expectations.

Other large banks were lower Tuesday as well: Morgan Stanley fell about 5.9%, while Citigroup, Bank of America and JPMorgan also slid.

Goldman Sachs, JPMorgan Chase and Citigroup have all said that compensation costs are rising amid a tight labor market, a detail that has undercut assumptions about their profit growth this year. The banks had been seen as beneficiaries of rising interest rates, and their shares jumped early in the year — before the wave of earnings reports.

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“The key takeaway from the big banks is that expenses are soaring and you can’t just assume they will do just fine as Treasury yields rise,” wrote Edward Moya, a senior market analyst at Oanda, a foreign currency exchange and brokerage firm.

Technology stocks were also lower Tuesday, continuing a trend in place since the start of the year as interest rates have climbed.

Amazon and Alphabet were down more than 2.5%, while Meta, Facebook’s parent company, fell about 3.8%.

Microsoft dropped about 2% Tuesday after the company announced it would buy Activision Blizzard, the video game maker, for $68.7 billion in cash. Activision jumped nearly 30% on the news, and shares of other game makers also rose. Electronic Arts climbed 6%, while Take-Two Interactive rose about 2.5%.

Oil prices climbed sharply. Brent crude, the global benchmark, hovered above $88 a barrel in early trading Tuesday, reaching its highest level since 2014, before dropping slightly to $86.76. The price gains came after an attack on oil infrastructure and the killing of three people in the United Arab Emirates on Monday.

“The damage to the UAE oil facilities in Abu Dhabi is not significant in itself, but it raises the question of even more supply disruptions in the region in 2022,” Louise Dickson, senior oil markets analyst at Rystad Energy, wrote in a note.

Futures for West Texas Intermediate were up 1% to $84.66 a barrel Tuesday.