NEW YORK (AP) — Stocks wavered between small gains and losses in morning trading on Wall Street Wednesday as worries about inflation, rising interest rates and a potential recession weigh on the broader market.

The S&P 500 fell 0.1% as of 10:19 a.m. Eastern. The Dow Jones Industrial Average fell 38 points, or 0.1%., to 30,929 and the Nasdaq fell 0.2%.

Major indexes have been swinging between sharp losses and gains on a daily, and sometimes hourly, basis. The broader market, though, is still mired in a deep slump that has dragged the S&P 500 into a bear market, over 20% below its most recent high.

Wall Street’s key concern centers around the Federal Reserve’s effort to rein in inflation, and the risk its plan could send the economy into a recession.

Inflation has squeezed businesses and consumers throughout the year, tightening its grip after Russia invaded Ukraine in February. Oil prices surged because of the invasion and sent gasoline prices in the U.S. to record highs. U.S. crude oil prices are up 30% for the year, though they have eased this week. On Tuesday, prices settled below $100 a barrel for the first time since early May.

Supply chain problems persist, though, and have been made worse by lockdowns in China as that nation tries to contain rising COVID-19 cases.

Central banks have been raising interest rates in an attempt to temper inflation. The Fed has been particularly aggressive in its shift from historically low interest rates at the height of the pandemic to unusually big rate increases now. That has raised concerns that the central bank could go too far, hitting the brakes too hard on economic growth and bringing on a recession.

Wall Street will get another update on the Fed’s latest thinking this afternoon when the central bank releases minutes from its most recent meeting.

Investors are closely monitoring economic data for clues about inflation’s impact, its trajectory, and what that means for the Fed’s position moving forward. The U.S. government will release employment data for June on Friday.

European markets were broadly higher. The euro is at a 20-year low to the dollar on worries over disruptions to energy supplies. European Commission chief Ursula von der Leyen said the 27-nation European Union needs to make emergency plans to prepare for a complete cut-off of Russian gas amid the Kremlin’s war on Ukraine.