Stocks fall on Wall Street as inflation fears continue to grip investors

Stocks fell in afternoon trading on Wall Street Tuesday as the broader market remains gripped by uncertainty over pervasive inflation, rising interest rates and the potential for a recession.

The S&P 500 slipped 66 points to 3,834, or 1.7% as of 2:52 p.m. Eastern time. The Dow Jones Industrial Average fell 400 points, or 1.3%, to 31,038 and the tech-heavy Nasdaq fell 2.6%.

The Conference Board reported that consumer confidence fell in June to its lowest level in more than a year, driven largely by concerns over inflation including rising prices for gas and food. The results were also much weaker than economists expected.