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US stocks fell on Wednesday as Treasury yields rose above the psychologically important 3% level and oil prices jumped, fanning worries about inflation and the outlook for interest rates.

Among its biggest drags, shares of Intel Corp slid 5.3% after Citi cut its estimates on the chip-maker for the second time in a week.

“That level is what people are focused on because it represents an increase in interest rates and a reflection of inflation and market volatility.” The US Federal Reserve is expected to raise rates by 50 basis points at each of its June and July meetings, with a similar move also likely in September, in an effort to combat inflation.

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