NEW YORK (AP) — A swift jump in Treasury yields rattled Wall Street Wednesday, weighing down stock indexes at the start of another month in what's been a turbulent year.

The S&P 500 fell 0.7% after an early morning gain quickly vanished.

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.

Treasury yields rose sharply, sending the yield on the 10-year note up to 2.92%.