U.S. stocks ended modestly lower, while a flurry of economic data eased concerns about imminent rate hikes and sent tech stocks higher.

The tech-heavy Nasdaq rose 63.52 points, or 0.24% to 26861.06, unwinding declines from earlier in the week. The S&P 500 meanwhile fell 19.3 points, or 0.25%, to 7651.54 and the Dow Jones Industrial Average dropped 443.87 points, or 0.86%, to 50906.05.

The U.S. Commerce Department boosted its reading for U.S. GDP growth in the second quarter to 2.2% from a prior estimate of 1.5%, citing stronger consumer-spending and investment levels. Economists polled by The Wall Street Journal had been expecting the final reading to hold at 1.5%.

The personal-consumption expenditures price index, the Federal Reserve's preferred inflation metric, rose at an annual rate of 3.4% in August, just as it did in July, the Commerce Department said.

The pair of reports depict an economy where growth hasn't slowed and inflation is holding steady, albeit at an elevated level.

The readouts ease some of the pressure on the Fed to keep raising rates this year. The probability of another hike at the next Fed meeting fell to 37% from around 68% Tuesday morning, according to CME's FedWatch tool. The pullback started after New York Fed President John Williams suggested that the central bank didn't need to rush its rate increases.

Treasury yields continued their recent climb, with the benchmark 10-year Treasury yield rising 0.036 percentage point to 5.292%, its highest close May 2002. The 30-year Treasury yield rose 0.045 percentage point to 5.638%, its highest level since June 2002. The two-year slid 0.002 percentage point to 4.885%, marking its second day of light declines.

Oil prices recovered from a down session Tuesday. International benchmark Brent crude was up 94 cents on the day, or 0.92%, at $103.53. The benchmark moved up 14% in September and nearly 42% over the past quarter.