U.S. stocks are dropping Wednesday as traders scale back expectations for how much relief the Federal Reserve will deliver next week when it begins cutting interest rates. The S&P 500 was down 1.5% in midday trading in a wipeout where 95% of the stocks within the index were falling.

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In stock markets abroad, indexes slipped in Europe after finishing mixed in Asia. Stocks rose 0.2% in Hong Kong and 0.3% in Shanghai after China’s customs office reported the country’s exports grew for a fifth consecutive month, in a sign of growing demand abroad.