Stocks are tumbling Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation.

The S&P 500 was sinking by 2.5% in midday trading, potentially on pace for its worst day since 2022, and on track for its first back-to-back loss of more than 1% since April. The Dow Jones Industrial Average was down 954 points, or 2.4%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 2.9% lower as a sell-off for stocks whipped all the way around the world back to Wall Street.