European and Asian stock markets suffer significant losses amid global economic concerns.

Rising U.S. bond yields and a strong dollar contribute to market volatility.

Federal Reserve Chair Jerome H. Powell's remarks on persistent inflation heighten worries about sustained high interest rates.

Expectations of fewer interest rate cuts this year lead to a drop in real estate investment trusts, utility stocks, and home builders.

Despite market downturns, some analysts remain optimistic due to strong economic data and broadening corporate earnings growth beyond tech giants.