U.S. stocks fell on Thursday as weak earnings reports from industrials raised worries over rising expenses and the impact of tariffs, adding to concerns of higher borrowing costs after hawkish commentary in the Federal Reserve’s minutes.

The U.S.-China trade war, higher rising borrowing costs and wage pressures have been the main concern of investors as the third-quarter earnings season gains steam, and contributed to last week’s selloff.

Shares of Textron fell 9 percent after reporting a lower-than-expected quarterly profit, hit by a drop in sales of its turboprop aircraft as well as flat deliveries of its flagship Cessna business jets.

Industrial equipment rental company United Rentals fell 6.1 percent and hand tools maker Snap-on Inc 7.6 percent after results.

Sealed Air Corp. shares tumbled 8.1 percent after the packaging company lowered its full-year profit outlook due to higher-than-expected raw material and freight costs.

Nine of the 11 major S&P 500 sectors were lower led by a 1 percent decline in industrial stocks. Only defensive utilities and consumer staples, and real estate stocks were trading higher.

The Fed’s view, detailed in the minutes of its September meeting released on Wednesday, bolstered expectations of a fourth interest rate hike in December and more next year, despite President Donald Trump’s sharp criticism.