US stocks tumbled sharply Wednesday as a broad-based sell-off intensified, with technology shares leading the decline. The S&P 500 and Nasdaq Composite both posted significant losses, extending recent volatility in the market. Investors fled riskier assets amid growing concerns about valuations and economic growth.

Gold and silver prices also dropped sharply, reversing recent gains as investors sought safety in US Treasuries. The flight to safety pushed Treasury yields lower, with the 10-year note yield falling to its lowest level since early 2023. This move suggests mounting worries about the economic outlook.

The sell-off reflects growing unease about the sustainability of recent market gains and the potential for higher interest rates to weigh on growth. With inflation data still elevated, the Federal Reserve may need to maintain a restrictive stance longer than markets had anticipated.