Wall Street's Big Rally Stumbles as Stock Market Falls Today

The US stock market fell on Tuesday, with the S&P 500 down 0.7% and the Dow Jones Industrial Average down 0.9%, following a five-week rally. The market is grappling with hopes that the economy can avoid a recession and inflation is easing, against worries that sticky inflation will force the Federal Reserve to keep interest rates higher for longer, which could grind down the economy. In China, the world’s second-largest economy is stumbling in its recovery following the relaxation of anti-COVID restrictions. Stocks in Hong Kong tumbled 1.5% after China’s central bank cut interest rates by less than some investors had hoped.