Stock market today: An ugly April for Wall Street is closing with some more losses [Video]

TOKYO – U.S. stocks are falling Tuesday after the latest hotter-than-forecast reading on the economy raised more worries about inflation and interest rates staying high.

The S&P 500 was 0.9% lower in afternoon trading and on track to close out its first losing month in the last six. It’s lost momentum since setting records through the early part of the year, and April is on pace to be its worst month since September.

The Dow Jones Industrial Average was down 409 points, or 1.1%, as of 12:34 p.m. Eastern time, and the Nasdaq composite was 1.1% lower.

Stocks have been struggling as traders have largely given up on hopes that the Federal Reserve will deliver multiple cuts to interest rates this year. A string of reports showing inflation remains stubbornly high has sent Treasury yields climbing in the bond market, which in turn has cranked up the pressure on stocks.

Treasury yields rose again Tuesday after a report showed U.S. workers won …