Stocks slide as strong economic data raises rate worries

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 S&P 500 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 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.

"Investors are worried about the Fed meeting coming up, and because inflation is expected to remain stubbornly elevated the Fed probably won't get away with front-end loading the rate tightening cycle and then pausing in the fall," said Sam Stovall, chief investment strategist at CFRA.

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