Tuesday stocks fell as volatile trading on Wall Street continued after markets went swinging from steep losses to gains.

European stocks were higher after a day of steep losses in Asia. Markets are waiting to hear from U.S. Federal Reserve chair Jerome Powell after a two-day policy meeting.

Other factors adding to uncertainty are the possibility of conflict between Russia and Ukraine and concern over coronavirus outbreaks. Japan has expanded the number of areas observing special precautions to slow the spread of infections as the omicron variant of coronavirus surges.

On Monday, a late buying spree pushed the benchmark S&P 500 index to a 0.3% gain after pulling it out of so-called correction territory. It was a drop of 10% or more from its recent high.

U.S. stocks changed rapidly as fears of inflation persisted. Investors fearing a tightening by the Fed saw stocks trying to claw "their way back from a massive Monday liquidation," as Edward Moya, senior market analyst of the Americas at Oanda told CNN Business.

The swings are coming as traders try to assess how a stubborn resurgence of inflation will affect the economy and how well the Federal Reserve will succeed in fighting it by pulling back its stimulus policies and raising interest rates.

NEW YORK —

Stocks are opening sharply lower on Wall Street Friday after South Africa found a fast-spreading coronavirus variant and the European Union proposed suspending air travel from southern Africa. The S&P 500 is down 1.4% in early trading, heading for its worst fall since late September and solidly lower for the week. The Dow Jones Industrial Average fell more than 800 points, and the Nasdaq composite is also dropping at the open. Travel and energy stocks are among the biggest losers, with Royal Caribbean, Carnival and Norwegian Cruises all off about 10%. The New York Stock exchange closes early at 1 p.m. Eastern.

Global stocks and oil prices tumbled Friday after South Africa found a fast-spreading coronavirus variant and the European Union proposed suspending air travel from southern Africa.

London's benchmark fell 3% and Tokyo lost 2.5%. Shanghai, Frankfurt and Hong Kong also declined sharply. Futures for the Dow Jones Industrial Average dropped more than 2%.

Some European countries already tightened anti-virus controls this week after their own case numbers spiked. Austria imposed a 10-day lockdown, while Italy restricted activity by unvaccinated people. Americans were advised by their government to avoid Germany and Denmark.

The 27-nation EU proposed the travel suspension to member governments after South Africa said the variant was spreading in its most populous province. Britain banned flights from South Africa and five nearby countries.

"Investors are likely to shoot first and ask questions later until more is known," Jeffrey Halley of Oanda said in a report. That was evident from the action in the bond market, where the yield on the 10-year U.S. Treasury note fell to 1.54% from 1.64% on Wednesday. The bond market was closed Thursday in the U.S. for Thanksgiving.

In midday trading, the FTSE in London fell to 7,099.69 and the DAX in Frankfurt lost 3.1% to 15,429.26. The CAC in Paris plunged 3.8% to 6,805.72.

On Wall Street, the future for the benchmark S&P 500 future lost 1.7% and the futures for the Nasdaq slipped 1%. U.S. markets were closed Thursday and are due to reopen Friday for a shortened trading session.

In Asia, the Shanghai Composite Index lost 0.6% to 3,564.09 and the Nikkei 225 in Tokyo declined to 28,751.62. The Hang Seng in Hong Kong tumbled 2.7% to 24,080.52.

Investors already were more cautious after Federal Reserve officials said in notes from their October meeting released this week they foresaw the possibility of responding to higher inflation by raising rates sooner than previously planned.

Investors worry central bankers might feel pressure to withdraw stimulus earlier than planned due to stronger-than-expected inflation. The Fed said earlier it foresaw keeping rates low until late next year.

Financial markets had been encouraged by strong U.S. corporate earnings and signs the global economy was rebounding from last year's history-making decline in activity due to the pandemic. Stock prices have been boosted by easy credit and other measures rolled out by the Fed and other central banks.

In energy markets, benchmark U.S. crude fell $4.22, or 5.4%, to $74.17 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oils, shed $4, or 4.9%, to $76.92 per barrel in London.