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