Wall Street tumbled on Thursday after a higher-than-expected PMI index heightened fears about prolonged interest rate hikes. The Dow Jones dropped by 605 points, marking its worst day of the year. Similarly, the S&P 500 and Nasdaq Composite retreated from record highs, closing 0.7% and 0.4% lower, respectively. S&P Global's flash PMI indices exceeded expectations, indicating an acceleration in U.S. business activity. This, combined with persistent inflation, fueled speculation that the Federal Reserve will maintain its current stance on interest rates, leading to a rise in Treasury yields. Shares of mega-cap companies fell, except for Nvidia, which surged by 9.3%, surpassing $1,000 per share for the first time. The company reported earnings and revenue that beat forecasts, driven by high demand for AI chips. In contrast, Boeing shares plunged 7.5% after the company's CFO projected negative free cash flow and no recovery in aircraft deliveries in the second quarter, citing ongoing production issues.