US stocks fell Thursday as investors were discouraged by an unexpectedly poor display of unemployment claims and a grim outlook from Walmart.

The Dow Jones Industrial Average fell 260 points. The S&P 500 was down 1.0% while the Nasdaq Composite was down 1.4% as investors continued to turn away from high-flying technology.

Walmart stock fell nearly 6% after fourth-quarter earnings fell below Wall Street estimates. The big box retailer also sees a slowdown in sales growth this year as pandemic momentum subsides.

Apple shares fell another 2.4%. The tech giant is down 4.6% this week as investors take some gains in big tech stocks that have brought the market back to record highs. Tesla fell 2.5%, bringing the week’s losses to 4.6%.

“Stocks are sliding across the board, with high multi-growth names being hit hardest thanks to the relentless surge in yields,” said Adam Crisafulli, founder of Vital Knowledge, in a note. “The outcome was also overwhelming as Walmart’s EPS failure and high spending projections unsettled investors.”

Meanwhile, the recent number of unemployment claims signaled a setback in the labor market recovery. Initial unemployment insurance claims were 861,000 last week, the highest in a month and above the Dow Jones estimate of 773,000, the Department of Labor reported Thursday.

“This is not the direction unemployment claims should be headed, but keep in mind that this could be a minor nuisance as the pace of vaccination continues to accelerate and cases across the country decline,” said Mike Loewengart, principal investment officer at E-Trade Financial.

The recent spike in bond yields coupled with rising inflation expectations made some investors concerned about a short-term decline in stocks. High-growth tech companies that led the market’s epic comeback are particularly vulnerable to higher interest rates and inflationary pressures.

Many still believe that a new stimulus contract could take markets another step up, even if it’s already priced in a little.

“If you think about how the added incentive can affect the average consumer, as the CARES Act 1.0 and the Second Round Review really add to the savings, at this point we strongly believe that additional incentives will pour straight into the economy” said Cliff Hodge, the chief investment officer at Cornerstone Wealth.

The congressional hearings on the GameStop saga are also set to begin on Thursday. Melvin Capital and Robinhood executives will join Reddit retailer Keith Gill on the US House of Representatives Financial Services Committee.