• The Dow Jones Industrial Average was down 0.4 percent at 33,040.72.
• The S&P 500 fell 0.3 percent to 4,147.55.
• The tech-heavy Nasdaq Composite Index remained unchanged at 12,175.40.

Early Wednesday, Wall Street equities mainly declined, continuing the week’s bumpy pattern as markets assess a weaker global growth picture due to inflation fears.

As a result of Russia’s invasion of Ukraine, the OECD predicted that global GDP would expand by 3% in 2022, down substantially from the 4.5 percent predicted in December.

The downgrade is similar to one released Tuesday by the World Bank.

Meanwhile, data from the Mortgage Bankers Association showed a drop in mortgage applications as higher interest rates weigh on the housing market.

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“The purchase market has suffered from persistently low housing inventory and the jump in mortgage rates over the past two months,” said Joel Kan, a vice president in the group’s forecasting division. “These worsening affordability challenges have been particularly hard on prospective first-time buyers.”

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 33,040.72.

The S&P 500 fell 0.3 percent to 4,147.55, while the tech-heavy Nasdaq Composite Index remained unchanged at 12,175.40.

Novavax surged 5.0 percent among individual businesses after an FDA advisory panel backed the company’s Covid-19 vaccine, a late runner in the fight against the virus.

Read More: The Wall Street’s gains come from growth stocks, but inflation concerns