The selling on Wall Street gained momentum on Tuesday, with the S&P 500 falling more than 1.5% at the session's low. The move was driven by a mounting fear that inflation is not tamed and that the FOMC will hike rates again this year. The fear of rising rates and the potential for recession is seen clearly in the yield for the 10-year treasury, which rose to a new high on Tuesday.

The JOLTs report was another catalyst for Tuesday's selloff. The JOLTs report revealed a higher-than-expected number of job openings, pointing to economic resilience. The problem is that job growth and wage creation lead to consumer health, demand, and inflation, which is a problem now. Data due out today includes the ADP report and the Challenger, Gray & Christmas report on layoffs, which should reinforce the idea of labor market health and keep the FOMC's foot on the economic brakes.