(AP) -- Stocks fell in morning trading on Wall Street Wednesday, giving back some of the gains they made a day earlier, as crude oil prices rise sharply again.
The S&P 500 fell 0.4% as of 10:22 a.m. Eastern. The Dow Jones Industrial Average fell 206 points, or 0.6%, to 34,600 and the Nasdaq fell 0.4%.
The losses were broad, led by technology and health care stocks. Microsoft fell 1% and Abbott fell 1.7%. Retailers and communications companies also lost ground.
Energy stocks gained ground along with rising energy prices. Hess rose 2.4%.
Concerns on Wall Street about persistently high inflation have been elevated since Russia's invasion of Ukraine sent energy and other commodity prices even higher. Crude oil prices have been volatile over concerns that the conflict will exacerbate an already tight market. The fluctuation in prices has been pushing and pulling the broader stock market.
Energy prices will likely remain volatile as the conflict continues. U.S. President Joe Biden is heading to Europe for an emergency NATO summit Thursday, where sanctions and the Russian oil embargo will likely top the agenda.
U.S. benchmark crude oil rose 4.5% to $114.18 and Brent crude, the international standard, rose 4.6% to $120.81. Prices are up more than 50% in 2022 so far, raising concerns about the impact on a wide range of consumer goods and consumer spending overall.
Many of the higher costs incurred by businesses have been passed on to consumers and higher prices for food, clothing and other goods could lead them to cut spending, resulting in slower economic growth. Central banks have been reacting by raising interest rates to try and counter the impact from inflation.
The Federal Reserve has already announced a 0.25% increase for its benchmark interest rate and is prepared to act more aggressively if necessary.
Bond yields have been rising overall as the market prepares for higher interest rates, but they were easing lower on Wednesday. The yield on the 10-year Treasury fell to 2.36% from 2.37% Tuesday.
Investors are preparing for the latest round of corporate earnings as the quarter comes to a close. Some companies are already giving updates.
Adobe fell 7.4% after giving investors a disappointing financial forecast and warned that halting sales in Russia and Belarus will impact its revenue. Metal manufacturer Worthington Industries fell 12.3% after reporting disappointing fiscal third-quarter profits.