Wall Street is drifting and making smaller moves on Wednesday, a day after strong reports on the economy stirred up worries that inflation and interest rates may stay higher than expected. The S&P 500 was edging down by 0.

Investors head into the new year believing the economy on a firm footing. That wasn’t the case at the start of 2024, when even the most bullish analysts underestimated the strength of the market.