NEW YORK—Wall Street slipped as stocks slumped worldwide Wednesday on worries about the strength of the global economy and inflation.
The S&P 500 fell 25.69, or 0.6 percent, to 4,179.83. The Dow Jones Industrial Average dropped 134.51, or 0.4 percent, to 32,908.27, and the Nasdaq composite lost 82.14, or 0.6 percent, to 12,935.29.
Stock markets in Asia fell even more following discouraging data on manufacturing from China. The world’s second-largest economy has not been rebounding as strongly as many investors had hoped. That raises worries when economies around the world are contending with still-high inflation and much higher interest rates than a year earlier.
Wall Street has been able to weather such concerns pretty well recently, largely because of gains for a handful of tech companies and others getting swept up in the buzz around AI. The S&P 500 managed to close out May with a modest gain….