Falling stock prices and falling interest rates combined to hurt the funded status of employers’ defined benefit pension plans in July.

Researchers at BNY Mellon Asset Management, a unit of Mellon Financial Corp., Pittsburgh, have published that conclusion in its latest monthly pension status update.

The funded status of the typical U.S. pension plan fell 4.4 percentage points in July, but was up about 3 percentage points for the first 7 months of the year, BNY Mellon researchers report.

The assets of a moderate-risk pension portfolio fell 1.5% in July, while the value of typical pension liabilities increased 2.9%, the researchers say.