U.S. stocks extended their slide on Wednesday as Bitcoin’s plunge sent cryptocurrency-linked shares tumbling and commodity prices fell amid mounting concern about inflation.

The S&P 500 fell for a third day, with all 11 major industry groups declining. Energy and raw-material stocks dropped the most as investors awaited the release of the minutes from the Federal Reserve’s last meeting. Crypto-exposed shares including Coinbase Global Inc., Marathon Digital Holdings Inc. and Riot Blockchain Inc. each fell more than 5% after Bitcoin sank to the lowest since January. Tesla Inc. slipped after data showed a slowdown in China sales. Target Corp. touched a record high after predicting a more profitable year as quarterly sales soared.

Bitcoin dropped about 30% before cutting that loss in half in late-morning trading. It has erased all the gains that followed Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for vehicles. Other cryptocurrencies also dropped, pressured in part by a Tuesday statement from the People’s Bank of China reiterating that digital tokens can’t be used as a form of payment.

“Tactically, it seems a bit overdone as fundamentals have changed modestly,” Mike Bailey, director of research at FBB Capital Partners, said of the crypto rout. “However, this type of volatility is a reminder that the asset class is pure. This type of move could flush out some of the casual crypto investors, since we haven’t seen this type of downward volatility in some time.”

Read More: Crypto Exchanges Creak Under Swift Pace of Transactions: TopLive

Stocks have lost steam in recent sessions, with pricier sectors such as technology tumbling on worries about inflation and a Covid-19 resurgence in some countries. While policymakers have signaled they intend to maintain an accommodative stance for some time to come, traders will parse the Fed’s minutes for clues about the outlook. The Bloomberg Commodity Index fell for a second day, trading about 3% below this year’s peak on May 12.

“Debate on whether inflation rebound is transitory or persistent might not end soon and could keep markets unnerved during summer,” Barclays Plc strategists led by Emmanuel Cau said in a note. “The risk of another taper tantrum is low at this stage,” while economic and earnings growth should favor equities over bonds, they added.

Elsewhere, oil dropped on rising U.S. stockpiles and the possibility of more supply from Iran.

Here are some key events this week:

• The Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflation
• IMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue Thursday
• Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22

These are some of the main moves in markets:

Stocks

• The S&P 500 fell 1.1% as of 11:54 a.m. New York time
• The Nasdaq 100 fell 0.8%
• The Dow Jones Industrial Average fell 1.2%
• The Stoxx Europe 600 fell 1.5%
• The MSCI World index fell 1.1%

Currencies

• The Bloomberg Dollar Spot Index rose 0.1%
• The euro was little changed at $1.2215
• The British pound fell 0.2% to $1.4164
• The Japanese yen rose 0.1% to 108.76 per dollar

Bonds

• The yield on 10-year Treasuries was little changed at 1.63%
• Germany’s 10-year yield was little changed at -0.11%
• Britain’s 10-year yield declined two basis points to 0.85%

Commodities

• West Texas Intermediate crude fell 3.8% to $63 a barrel
• Gold futures rose 0.9% to $1,885 an ounce

— With assistance by Sophie Caronello, Andreea Papuc, Justina Lee, and Cecile Gutscher