New York CNN  —  The Dow tumbled by more than 600 points Thursday afternoon, even after AI-darling Nvidia delivered stellar quarterly earnings and announced a 10-for-1 stock split. Chipmaker Nvidia soared more than 9% as the wider market dropped lower, highlighting a lack of market breadth. The S&P 500 and Nasdaq Composite, which began the day at new intraday highs, fell by 0.8% and 0.5%, respectively. Stocks fell after the US Services Purchasing Managers Index for May, expected to fall slightly, came in 3.5 percentage points higher, the highest level since last June. Manufacturing PMI also came in  higher than expected, which has caused renewed concerns among investors about the timing of a Fed rate cut. “If you don’t have NVIDIA in your index it’s not a good day. Tech is the only industry sector not in the red,” wrote Louis Navellier of Navellier investing in a note to clients on Thursday. The Federal Reserve spooked markets on Wednesday afternoon when they released the notes from their last policy meeting. The minutes showed that “various” officials said they would be willing to raise interest rates if necessary and that there were doubts as to whether financial conditions are restrictive enough to keep inflation from resurging. Goldman Sachs CEO David Solomon also said Wednesday at an event hosted by Boston College that the Fed probably won’t begin to cut rates this year. “I’m still at zero cuts,” he said. “I think we’re set up for stickier inflation.” Boeing also weighed on markets on Thursday, dropping more than 7% after the beleaguered airliner said its cash-flows were worse than expected this year. That caused concern amongst investors that its debt ratings could be classified as junk-bonds. This is a developing story and will be updated.