Worries about interest rates cast a cloud over the rally fueled by Nvidia earnings.

The Dow was down 503 points, or 1.3%. The S&P 500 was down 0.4%. The Nasdaq Composite was up 0.1%.

The Nasdaq was on track for a record close before pulling back. The last time it marked such a milestone on the same day the Dow fell at least 1% was July 9, 2020, according to Dow Jones Market Data.

For the S&P 500, being so close to breakeven was a major feat given only about 89 stocks in the index were trading higher. The Invesco S&P 500 Equal Weight ETF, which gives us a look at breadth since it doesn’t give added wait to larger market cap firms such as Nvidia, was down 0.8%.

The S&P 500 information technology sector was the only of the 11 major sectors in the index on track to close higher. It was up 1.5% on stellar Nvidia earnings that boosted chip stocks and some firms with exposure to AI.

If the S&P manages to close higher, it will be the first time since 2015 it has done so with only one major sector up, according to Dow Jones Market Data.

The reason most stocks were struggling in the face of strong Nvidia earnings was a stronger than expected survey on manufacturing. The S&P Global Flash U.S. Manufacturing Purchasing Managers Index rose to 50.9 in May from 50 in April, ahead of expectations at 50.1.

A hotter-than-expected read on the economy, paired with surprisingly hawkish minutes from the Federal Open Market Committee on Wednesday, have shifted expectations about when the central bank could start cutting interest rates.

Odds of a rate cut through September were down to 52.2%, according to the CME FedWatch Tool. Odds of no change in rates rose to 47.3% from 32.4% a week ago. And odds of a rate hike ticked up to 0.5% from zero a week ago.