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Stocks closed deep in the red on Thursday as investors continue to digest the impact of disappointing Big Tech earnings reports, coupled with rising bond yields.

The tech-heavy Nasdaq (^IXIC) led the declines, down about 1.8% while the S&P 500 (^GSPC) dropped roughly 1.2%, close to correction territory. The Dow Jones Industrial Average (^DJI) dipped around 0.8%, or more than 250 points.

Tech stocks remain under pressure after booking their worst single-day performance in eight months on Wednesday. Concerns are growing that valuations are too high in a world of surging Treasury yields.

On Thursday, the benchmark 10-year yield (^TNX) fell 11 basis points to trade near 4.85% after the latest GDP showed the US economy grew at its fastest pace in nearly two years. The yield briefly moved above 5% earlier week.

The Bureau of Economic Analysis’s advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 4.9% during the period, faster than consensus forecasts.

The strong data comes despite the Federal Reserve’s higher-for-longer interest rate mantra, which has failed to constrain the American consumer. The Fed’s next interest rate decision is scheduled for Nov. 1.

Other central banks are beginning to shift their monetary policy. On Thursday, the European Central Bank held interest rates steady for the first time in over a year following 10 consecutive rate increases.

The ECB said it would hold its deposit rate at a record high of 4%. The bank maintained its previous guidance of steady policy moving forward.

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