Stock Market Today: Wall Street Slams the Brakes for a Rare Slowdown Following…

NEW YORK—Wall Street hit the brakes on its big rally Wednesday following disappointing profit reports from companies and warnings that the market had simply gone too far, too fast. The S&P 500 slumped 1.5% for its worst loss since beginning a monster-sized rally shortly before Halloween. The Dow Jones Industrial Average dropped 475 points, or 1.3%, from its record high, while the Nasdaq composite sank 1.5% FedEx tumbled 12.1% for one of the market’s biggest losses after reporting weaker revenue and profit for the latest quarter than analysts expected. It also now expects its revenue for its full fiscal year to fall from year…