Inflation, profit worries drag markets down

Stocks on Wall Street gave up more ground Tuesday amid mounting worries that persistently high inflation will dim corporate profits.

The S&P 500 fell 32.27 points to 3,941.48. The

Dow gained 48.38 points to 31,928.62, and the Nasdaq slid 270.83 points to 11,264.45. The Russell 2000 dropped 27.94 points, or 1.6%, to 1,764.83.

Amazon slid 3.2% and Target fell 2.6%.

Bond yields fell. The yield on the 10-year Treasury fell to 2.76% from 2.86% late Monday.

Falling bond yields weighed on banks, with

Wells Fargo falling 1.2%.

Homebuilders slumped following a government report showing that sales of newly built homes fell far short of economists’ forecasts. KB Home fell 2.7%.

Cruise lines and other travel-related companies took some of the heaviest losses. Carnival slid 10.3% and Norwegian Cruise Line fell 12%.

Household goods companies and utilities, which are considered less risky than other sectors, made gains. Campbell Soup rose 3.5% and Duke Energy closed 2% higher.