Worries about slowing corporate earnings and the Federal Reserve’s plans to rapidly raise interest rates dragged the Dow industrials to their worst day since 2020.

Friday’s declines, which deepened throughout the session, undid gains from earlier in the week, extending a slide for stock markets. The broad-based S&P 500 fell at least 1% for the third consecutive week, while the tech-focused Nasdaq Composite Index lost at least 2% for a third straight week. Bond yields extended their gains, rising for three consecutive weeks.

Investors this week parsed first-quarter financial results from a range of firms in search of clues about the health of the economy, the consumer outlook and companies’ ability to cope with inflation. Of the companies that have reported so far, about 80% have beat analyst expectations, according to FactSet, which has helped provide some stability to the U.S. stock market.

Downbeat reports from healthcare and retail stocks, among others, contributed to Friday’s losses.

“Usually when the economy’s slowing down, or there is a perception it’ll slow down, there are obvious sectors to hide in. Those traditional sectors aren’t as safe from an earnings basis as they are historically because they still are going to have negative impacts from inflation,” said Tavis McCourt, institutional equity strategist at Raymond James.

The Dow Jones Industrial Average posted its worst one-day percentage change since October 2020, losing 981.36 points, or 2.8%, to close at 33811.40. The S&P 500 dropped 121.88 points, or 2.8%, to 4271.78, while the Nasdaq Composite fell 335.36 points, or 2.5%, to finish at 12839.29.