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The stock market is lower Monday, with the broader market hitting its lows for the year and tech hard hit.

The S&P 500 (SP500) -2.4% dropped is at the lows of the session around 4,025. Analysts said a drop below then 4,000 could trigger some heavy algo selling.

All 11 sectors are down, with Energy and Info Tech at the bottom. Consumer Staples are doing the best.

The Nasdaq (COMP.IND) -3.3% is doing the worst among the major averages with all the megacaps in the red. The Dow (DJI) -1.5% is doing a little better.

The dollar index is at its highest level since 2002 and that is putting pressure on tech stocks.

The Fed sticking “to 50bps increments over the next couple of meetings provides a level of perceived control and shows no panic whilst 75bps suggests a level of panic but if inflation is as sticky as we expect it to be, it might ultimately be the best thing to do medium term,” Deutsche Bank’s Jim Reid said. “Regardless of this debate, it’s fairly obvious that the “Fed Put” is going to be difficult to rely on for this cycle.”

Rates are lower as cash moves into bonds. The 10-year Treasury yield is down 3 basis point to 3.09%, having topped 3.2% earlier. The 2-year yield is down 7 basis points to 2.62%.

“Neither a weaker-than-expected jobs report nor a marginally dovish FOMC was able to deter market repricing to higher yield levels, particularly at longer maturities,” Goldman Sachs’ rate strategists said. “The 2s10s curve has steepened nearly 50bp from recent lows, though at least half of that move, which occurred in early April following equally sharp flattening in late March, had the characteristics of hedging flows.”

Crypto is also struggling, with bitcoin now 50% below its all-time high.

Among active stocks, Marathon Oil is the weakest performer in the S&P as crude slides nearly 5%. Viatris is the biggest gainer on strong cash flow.