Stocks dipped Monday as the yield on the 10-year Treasury rose, and the market kicked off the final week of trading in September with big losses.

The Dow Jones Industrial Average dipped 119 points, or 0.4%. The broader index fell by 0.1%, while the Nasdaq Composite was down by 0.1%.

The 10-year Treasury yield topped 4.5%, trading near levels last seen in 2007 when it climbed as high as 4.57%. It was last higher by more than 8 basis points at 4.527%.

3M was the worst-performing member in the Dow, falling more than 2%. Meanwhile, utilities and real estate were the biggest lagging sectors in the S&P 500, sliding 0.9% and 0.8%, respectively.

Elsewhere, Amazon shares rose more than 1% after the online retail giant said Monday it will invest up to $4 billion in artificial intelligence firm Anthropic. Shares of Nvidia rose more than 1%.

“Not just the US bond market is selling off, but all global bonds are selling off this morning, and that weighed on stocks early,” said Jay Hatfield, chief executive officer at Infrastructure Capital Management.

Stocks have struggled this month as the Federal Reserve signaled higher interest rates for longer, sending bond yields rising. The benchmark 10-year Treasury yield has surged more than 30 basis points this month to 4.43%. The market also contended with a rally in crude oil and a winning streak in the dollar during the seasonally weak trading month.

The S&P 500 has fallen more than 4% in September, on pace for its second straight losing month and its worst month since December. The tech-heavy Nasdaq Composite is down 6% in September as growth stocks bore the brunt of the sell-off, also headed for its biggest monthly loss since December. The blue-chip Dow is off by a more modest 2% this month.

Investors are also closely monitoring progress on a budget resolution in Washington. Lawmakers over the weekend expressed few signs of movement on a deal that would keep the U.S. government funded for the remainder of the fiscal year.