U.S. stocks fell sharply on Wednesday, October 23, with the Dow Jones Industrial Average on track for its worst day in over a month, as higher Treasury yields weighed on market sentiment. At its session high, the benchmark 10-year Treasury yield topped 4.25%, reaching its highest level since July 26. The 10-year note is up 44 basis points in October alone.

The 30-stock Dow shed 439 points, or about 1%. That put the benchmark on track for its biggest one-day loss since Sept. 3 — when it lost 1.5%. The S&P 500 dropped 1.1%. The Nasdaq Composite lost about 1.9%. Both the Dow and S&P 500 were headed for their third straight losing session.

The most overvalued part of the U.S. equity market is large caps, and the market is due for a pullback in the near term as recession risks linger. Megacap stocks were under huge pressure Wednesday, with Apple (AAPL) and Nvidia (NVDA) shares losing 3% to lead the way lower. Apple was headed for its worst day since Aug. 5 — when it shed 4.8%. Meta (FB), Netflix (NFLX) and Amazon (AMZN) were also down more than 2%.

Dow member McDonald’s (MCD) fell more than 4% on Tuesday after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak tied to the fast-food giant’s Quarter Pounder burgers has resulted in 10 hospitalizations and one death. McDonald’s accounted for more than 100 points of the decline in the Dow.