US benchmark equity indexes were on track to close lower on Monday amid mounting recession fears and worsening inflation expectations.

The Dow Jones Industrial Average fell 2.2% to 41,874.9, while the Nasdaq Composite decreased 4.2% to 17,434.5. The S&P 500 was down 2.9% to 5,604.9. Energy and utilities sectors were the only gainers, while technology had the steepest decline.

Enphase Energy (ENPH) was among the top performers on the S&P with shares up nearly 4%. Thurman J. Rodgers, a director at the home energy solutions company, sold 100,000 shares for $6.1 million on Friday.

DexCom (DXCM) shares fell 6.2%. The company said late Friday it received a notice from the US Food and Drug Administration regarding manufacturing and quality management non-conformities found during inspections at its Mesa, Arizona, and San Diego, California, facilities.

Tesla (TSLA), Palantir Technologies (PLTR) and Microchip Technology (MCHP) saw the biggest declines on the S&P 500.

The 10-year US Treasury yield dropped 9.7 basis points to 4.2%, while the two-year rate was down 10 basis points to 3.89%.

April West Texas Intermediate crude oil was down 1.6% at $65.94 a barrel.