U.S. stocks tumbled Thursday as a wave of selling spread beyond the technology sector, taking down swaths of the market.

The Dow Jones Industrial Average on Wednesday closed at a record, just shy of the 32,000 milestone, after Federal Reserve officials helped calm frayed market nerves after a run-up in bond yields briefly unsettled the bullish investing mood that’s prevailed for weeks on Wall Street.

U.S. stocks ended a wild session not far from where they started, thanks to a bounceback in shares of technology companies. The broad S&P 500 index ended up eking out a 0.1% gain to snap a five-session losing streak after falling as much as 1.8% earlier in the session. Federal Reserve Chairman Jerome Powell kicked off the turnaround by tamping down inflation worries that had reared from a recent rise in bond yields.

The Nasdaq Composite fell sharply on Monday, as rising bond yields weighed on the shares of technology giants such as Apple and Microsoft. Higher “risk-free” yields can make it difficult to justify high valuations for equities, as it reduces the value of their future profits to investors. In a backdrop of rising rates and faster economic growth, technology companies with rapidly increasing earnings become less attractive to investors.

Investors dumped government bonds and piled into shares of economically sensitive companies on Friday, betting that the U.S. economy will rev up in coming months. The yield on the 10-year Treasury note touched its highest level since February 2020, before the coronavirus pandemic shut down businesses around the country. Shares of small companies and sectors of the market like financials and energy notched strong gains, while the broader stock market’s moves were more muted.

U.S. stocks dropped Thursday, weighed down by losses among communications and technology companies. Stocks have taken a breather in recent sessions after powering higher for much of 2021. Money managers say they see a number of reasons to stay cautious, ranging from lofty valuations across parts of the market to the pace of the economy’s recovery.

U.S. stocks finished mixed Wednesday as investors retreated from shares of many of the technology companies that have powered markets higher this year. The Nasdaq Composite dropped 0.6%, dragged down by technology heavy hitters including Apple and Netflix. The S&P500 ended little changed.