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Stocks retreated from early gains in late morning trading on Wednesday, following several days of steep losses fueled by concerns about how interest rates staying higher for longer could impact the US economy.

The S&P 500 (^GSPC) fell about 0.1%, while the Dow Jones Industrial Average (^DJI) dropped 0.3%. The tech-heavy Nasdaq Composite (^IXIC) slipped 0.1%.

The moves follow a brutal sell-off on Tuesday that saw the Dow post its worst day since March. Waning consumer confidence and a looming government shutdown brought more worry to investors already fretting about the Federal Reserve’s message that rates likely haven’t peaked yet.

Stocks have fallen in recent days as the market increasingly took onboard that borrowing costs would stay elevated for longer than hoped. But the signs of a recovery suggest some investors believe the shakeout may have been overdone, according to analysts.

The benchmark 10-year Treasury yield (^TNX) had pulled back on Wednesday after settling at another 16-year high the previous session but was near flat at 4.55% around 11 a.m. ET. The recent surge in yields has weighed on risk markets like stocks.

West Texas Intermediate (CL=F) gained nearly 3% to roughly $93 while Brent (BZ=F) ticked up 2% to nearly $96 a barrel.

Meanwhile, the prospect of a US government shutdown is increasingly preying on nerves as the weekend deadline for a budget deal nears. Late on Tuesday, the Senate put forward a 79-page bill to keep the government funded until Nov. 17, likely the last chance of averting closure.

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