The S&P 500 $S&P 500 index SPX$ fell Wednesday for a third day Wednesday, as Wall Street’s struggles to start the second quarter of 2024 continued.

The broad market index dipped about 0.2%. The Dow Jones Industrial Average slid 40 points, or 0.1%. The Nasdaq Composite pulled back 0.4%.

Intel $Intel Corporation INTC$ shares slipped more than 5% after reporting a $7 billion operating loss in its semiconductor manufacturing business. Tesla $Tesla Motors, Inc. TSLA$ , a retail investor favorite, lost more than 1% following cuts to price targets from multiple investment firms.

ADP data released Wednesday morning showed private payrolls grew more than expected in March. It offered another sign of resiliency in the economy and sent bond yields higher as investors grow increasingly concerned about the path of rate cuts from the Federal Reserve.

Atlanta Fed President Raphael Bostic said he only sees one decrease this year, occurring in the fourth quarter. He’s one of several central bank officials including Chair Jerome Powell speaking to media and at events around the country on Wednesday.

Those moves build on Tuesday’s losing session, during which sticky inflation data and some strong manufacturing figures appeared to worry investors that the Fed will take longer to pull down the cost of borrowing money. The rate on the U.S. Treasury 10-year note touched its highest level since November on Tuesday, while oil prices surged to their most expensive price going back to October.

Still, some market observers remain optimistic overall on equities, saying stocks are due for some consolidation after a strong start to the year. The first quarter, which concluded last week, was the best for the S&P 500 since 2019.

“The narrative of falling inflation and imminent Fed rate cuts that drove the stock market’s first quarter gains is wobbling in the second quarter,” said Yung-Yu Ma, chief investment officer at BMO Wealth Management.

“The stock market is telling us that a lot has been priced-in over the past five months,” Ma added. “We could see choppy market action until the market processes inflation pressures, the Fed, oil prices and long-term interest rates — all of which could drive markets and add to near-term volatility.”