Wall St slips 1% as strong factory data fans fears of aggressive rate hikes

Salesforce, Capri Holdings rise after lifting profit outlook; US 10-year Treasury yields spike to two-week high

U.S. stocks fell in volatile trade on Wednesday after strong factory activity and job openings data stoked concerns that the Federal Reserve would keep raising interest rates sharply this year.

Ten of the 11 major S&P sectors declined, with financial and healthcare stocks down 2.1% and 2% respectively. Energy stocks gained 1% as Brent Crude rose to $117 a barrel.

U.S. manufacturing activity unexpectedly picked up pace in May as demand for goods remains strong, easing concerns about an imminent recession.

A separate report showed U.S. job openings fell to 11.4 million in April, but still remained at considerably high levels, suggesting that