The S&P 500 was 1.1% lower in midday trading, coming off a rare gain and on track for its fifth drop in six days.
The Dow Jones Industrial Average was down 345 points, or 1.00%, at 33,665, as of 11:50 a.m. Eastern time, and the Nasdaq composite was 1.2% lower.
One report showed confidence among consumers was weaker than economists expected. That's concerning because strong spending by U.S. households has been a bulwark keeping the economy out of a long-predicted recession. Besides high interest rates, a long list of other worries is also tugging at Wall Street. The most immediate is the threat of another U.S. government shutdown as Capitol Hill threatens a stalemate that could shut off federal services across the country.
Besides the threats of higher interest rates for longer and a possible federal shutdown, Wall Street is also contending with higher oil prices, shaky economies around the world, a strike by U.S. auto workers that could put more upward pressure on inflation and a resumption of U.S. student-loan repayments that could dent spending by households.
Cintas dropped 4% for one of the larger losses in the S&P 500. The provider of employee uniforms, mops, fire extinguishers and other services reported stronger profit for its latest quarter than analysts expected. It also raised its forecasts for revenue and profit for the full fiscal year, but still within a range that many analysts earlier expected.Japan's Nikkei 225 fell 1.1%, South Korea's Kospi dropped 1.3% and Hong Kong's Hang Seng lost 1.5%.
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