A swift jump in Treasury yields rattled Wall Street on Wednesday, pulling stocks broadly lower at the start of another month in what’s been a turbulent year for the market.

The Standard & Poor’s 500 index ended 0.7% lower after an early morning gain quickly gave way to choppy trading. The Dow Jones industrial average slid 0.5% and the Nasdaq composite fell 0.7%.

Stocks began their slide immediately after the release of several reports on the U.S. economy, including one showing manufacturing growth was stronger last month than expected. That bolstered investors’ expectations for the Federal Reserve to continue raising interest rates aggressively to slow the economy in hopes of reining in inflation.

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