Although the highly awaited earnings report from Nvidia (NVDA) sent shares of the chip giant soaring and helped support outperformance from the tech sector, major U.S. equities indexes fell on Thursday.

Despite the reinvigorated enthusiasm for artificial intelligence (AI) surrounding Nvidia’s results, the purchasing managers index (PMI) became the latest economic data point to boost inflation concerns. With the PMI indicating business activity grew at its fastest pace in more than two years during May, the most recent sign of economic resilience could prompt the Federal Reserve to delay expected interest rate cuts.

The S&P 500 dropped 0.7%. The Dow plunged 1.5%, while the Nasdaq closed 0.4% lower.

Shares of Live Nation Entertainment (LYV) suffered the steepest losses in the S&P 500, plunging 7.8% after the U.S. Department of Justice (DOJ) announced an antitrust lawsuit against the Ticketmaster parent. The DOJ alleges Live Nation uses anticompetitive tactics to exert control over the live event industry. For its part, the company rejects claims of monopoly power, pointing out Ticketmaster’s fees are no higher than those of other ticketing companies.

Boeing (BA) shares descended 7.6% after the aerospace giant’s chief financial officer said deliveries will not increase in the second quarter and predicted the company will generate negative free cash flow over the full year. The executive also confirmed reports of delayed aircraft deliveries in China related to ongoing reviews by the country’s aviation regulator.

Shares of Caesars Entertainment (CZR) fell 6.3%. Following Thursday’s losses, the casino operator’s stock is down more than 30% year-to-date.

Nvidia shares posted the S&P 500’s top performance on the day, soaring 9.3% after the semiconductor giant reported its highest-ever quarterly profits and sales, beating Wall Street’s lofty forecasts. As expected, AI-driven demand helped propel massive growth in the company’s data center business. Nvidia also announced a 10-for-1 stock split, effective June 7, just as its share price closed above the $1,000 level in Thursday trading.