U.S. stock markets experienced notable falls as the S&P 500 registered its first decline in three days, with the Nasdaq dropping 2% due to a sharp sell-off in technology stocks. The downturn was influenced by recent economic data that has raised concerns about a potential rebound in inflation, prompting a surge in Treasury yields, nearing 4.7%, and hitting an eight-month high. Major tech stocks, including Nvidia and Amazon, have seen significant losses, contributing to the overall market decline. Investors are recalibrating their expectations regarding Federal Reserve interest rate cuts in light of the strong economic news, leading to uncertainty about future market performance. Overall, Wall Street is tumbling towards one of its worst days in weeks as traders react to the mixed signals from the economy.