NEW YORK (AP) — Stocks are slipping on Wall Street Wednesday as worries rise about the strength of the global economy and a frenzy around artificial intelligence cools.
The S&P 500 was 0.7% lower in morning trading. The Dow Jones Industrial Average was down 228 points, or 0.7%, at 32,814, as of 10:15 a.m. Eastern time, while the Nasdaq composite was 0.5% lower.
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 big gains for large tech companies and others getting swept up in the buzz around AI. The S&P 500 is…
