Sharply rising Treasury yields rattled Wall Street Wednesday, weighing down stock indexes at the start of another month in what's been a turbulent year.

The 10-year yield is back at 2.91 percent, still behind the recent high of 3.2 percent.

Stocks began their slide immediately after the release of several reports on the US economy, including one showing manufacturing growth was stronger last month than expected.

That bolstered investors' expectations for the Federal Reserve to continue aggressively raising interest rates to slow the economy and rein in inflation.

How stock indices fared on Wednesday:

The S&P 500 fell 30.92 points, or 0.7 percent, to 4,101.23.

The Dow Jones Industrial Average fell 176.89 points, or 0.5 percent, to 32,813.23.

The Nasdaq fell 86.93 points, or 0.7 percent, to 11,994.46.

The Russell 2000 index of smaller companies fell 9.22 points, or 0.5 percent, to 1,854.82.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

-With agency inputs

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First Published:Jun 2, 2022 8:41 AM IST