U.S. stocks fell on Monday after a strong week for major averages as investors awaited the release of key corporate earnings reports.

The S&P 500 slipped 0.5% while the Dow Jones Industrial Average lost 329 points or almost 0.8%. The Nasdaq Composite lost about 0.3%.

Consumer and homebuilding stocks were among the biggest losers during midday trading amid fears of higher interest rates in the longer term Goal And Builders First Source each fell by more than 3%.

The yield on the 10-year Treasury note jumped more than 9 basis points to 4.172%.

“Bond yields continue to rise, which I think suggests investors now expect the Fed to cut interest rates more slowly because the economy remains resilient,” said CFRA chief investment strategist Sam Stovall. “As a result, the Fed will likely have a harder time pushing inflation down to its 2% target level over the next year or so.”

The momentum behind recent gains in major U.S. indexes may also depend on whether companies can beat expectations in this earnings season, which is set to gain momentum this week. About a fifth of the S&P 500 companies – including big names like Tesla, Coca-Cola And GE Aerospace – are expected to report by Friday.

So far the results have been mixed. According to FactSet’s John Butters, 79% of the 14% of S&P 500 companies that have already reported third-quarter results have beaten expectations. Analysts have significantly lowered their earnings expectations for the quarter in recent months.

“I don’t think we’re in the beginning of an earnings recession or anything like that, but the bar is set very, very low … rarely does anyone get hurt falling out a basement window,” Stovall said. “With earnings this low, there is a good chance that this will be the 60th of the last 62 quarters in which actual results exceed quarter-end estimates.”

Still, investors are largely optimistic that stocks still have room to move higher. However, they are aware that inflated valuations, particularly in the run-up to the US presidential election and in light of increasing geopolitical risks, could also lead to further volatility.

Monday’s moves come after both the S&P 500 and the 30-stock Dow hit all-time highs on Friday, cementing the sixth straight weekly advance for both benchmarks.