Higher interest rates and pervasive inflation could trigger a recession
The S&P 500 ended 2% lower, reversing a 1.2% gain from earlier in the day. The Dow Jones Industrial Average fell 1.6%
Technology, communications and health care stocks accounted for a big share of the decline
Retailers and other companies that rely on direct consumer spending also helped pull the index lower
The indexes got off to a solid start, but the gains faded by midday after the Conference Board reported that its consumer confidence index fell in June
Investors face a pervasive list of concerns centering around rising inflation squeezing businesses and consumers
Russia's invasion of Ukraine in February put even more pressure on consumers by raising energy prices and pumping gasoline prices to record highs
Consumers were already shifting spending from goods to services as the economy recovered from the pandemic's impact