Stocks moved down Wednesday as traders weighed the possibility of a recession, and the likelihood of a longer-than-expected hiking cycle from the Federal Reserve.
The Dow Jones Industrials stayed buoyant 9.16 points to 33,605.50, despite gains from 3M and Home Depot.
The S&P 500 retreated 4.86 points to 3,936.40.
The NASDAQ continued in the red 46.68 points to 10.968.21.
Airline stocks declined as well, with shares of Southwest Airlines falling more than 5%. Shares of Delta Air Lines and American Airlines declined more than 4%. Alaska Air Group and United Airlines Holdings each slipped more than 3%.
Investors have been losing hope that the Fed will be able to engineer a so-called soft landing that successfully tamps down inflation through higher rates and also avoids a recession. Instead, concerns are swirling around the state of the economy and the likelihood of a downturn in 2023.
Prices for the 10-year Treasury hiked, lowering yields to 3.46% from Tuesday's 3.53%. Treasury prices and yields move in opposite directions.
Oil prices diminished $1.70 to $72.55 U.S. a barrel.
Gold prices brightened $11.10 to $1,793.50 U.S. an ounce.
Stocks Slip as Investors Weigh Recession Risks