Stock market today: Wall Street drifts following strong economic data, disappointing profit reports

NEW YORK (AP) — Wall Street’s monster-sized rally since Halloween is easing off the accelerator.

The S&P 500 was down 0.8% Wednesday after shedding an early gain, though it remained near its all-time high.

The Dow was down 222 points, coming off its own record.

The Nasdaq composite was 0.8% lower. FedEx tumbled after cutting its forecast for revenue.

Weakness for FedEx could damage hopes that the economy can conquer high inflation without a recession. But a pair of reports on the U.S. economy came in stronger than expected. And a cooler-than-expected report on U.K inflation helped boost hopes for a halt to sharp hikes to interest rates globally. Treasury yields eased.