NEW YORK, NEW YORK - JUNE 14: Traders work on the floor of the New York Stock Exchange (NYSE) on June 14, 2022 in New York City. The Dow was up in morning trading following a drop on Monday of over 800 points, which sent the market into bear territory as fears of a possible recession loom. (Photo by Spencer Platt/Getty Images)

NEW YORK (AP) — Markets worldwide are back to tumbling on Thursday as worries about a fragile economy roar back to the fore. The S&P 500 was 2.9% lower in midday trading, more than reversing its blip of a 1.5% rally from a day before. Analysts had warned of more big swings given deep uncertainties about whether the Federal Reserve and other central banks can tiptoe the narrow path of hiking interest rates enough to slow high inflation but not so much that they cause a recession. Wall Street fell with stocks across Europe after central banks there followed up on the Fed’s rate hike on Wednesday.