Stocks fell again on Tuesday, extending the market’s latest pullback from record levels as rising Treasury yields and weakness in technology shares knocked the major indexes lower. The S&P 500 dropped 0.7% for its third straight loss since setting its latest all-time high, the Dow Jones Industrial Average fell 322 points, or 0.6%, and the Nasdaq composite sank 0.8%.

Nvidia was among the heaviest weights on the S&P 500 and slipped 0.8% ahead of its quarterly results due Wednesday. Akamai Technologies dropped 6.3% after saying it wants to raise $2.6 billion through a convertible note offering, while Home Depot rose 0.9% after flipping an early loss following earnings that topped analysts’ estimates for profit and revenue.

For investors, the move was another reminder that the rally that carried stocks to repeated records has started to lose some of its momentum. Rex Feng, Venu Krishna and other strategists at Barclays Capital summed up the shift with a line that has become hard to ignore: every flow has its ebb. After the fastest rebound in decades, they warned, the pendulum could swing backward.

The pressure point is clear. The yield on the 10-year Treasury rose to 4.66% from 4.61% late Monday, and it was less than 4% before the war with Iran began. Higher yields matter because they make stock valuations look richer and can also signal tighter conditions for the economy. At the same time, oil prices have been swinging on uncertainty over how long the conflict will keep the Strait of Hormuz closed for tankers, adding another layer of unease to a market already sensitive to rates.

Technology shares have been leading the market for months on excitement around artificial intelligence, and critics have argued that prices ran too far, too fast. Tuesday’s slide was not limited to Wall Street. South Korea’s Kospi fell 3.3% as falling technology stocks dragged Asia lower, while Germany’s DAX gained 0.4% in a comparatively steadier European session.

Home Depot’s report offered a different kind of reading on the economy. Profit and revenue edged past expectations, but same-store sales came in below some analysts’ forecasts. Chief Executive Ted Decker said the chain saw similar demand from customers as it did throughout last year “despite greater consumer uncertainty and housing affordability pressure.” That is the kind of message investors are parsing closely as they try to judge whether households can keep spending while borrowing costs stay elevated.

For now, the next test belongs to Nvidia. Its results on Wednesday will show whether the AI trade still has the power to push the market higher, or whether Tuesday’s drop is the start of a deeper reset. The answer will shape the rest of the week for traders who have spent much of the year betting that big technology names could keep carrying the tape.