The Dow Jones Industrial average tumbled more than 600 points on Wednesday as investors took profits on some of the strong 2023 January gains and as a disappointing December retail sales reading raised concerns about a recession. Shares of banks led the losses.

The 30-stock index cratered 613.89 points, or 1.8%, to 33,296.96.

The S&P 500 lost 62.11 points, or 1.6%, to 3,928.86, its lowest level since Dec. 15.

The NASDAQ Composite Index subtracted 138.1 points, or 1.2%, to 10,957.01, snapping a seven-day winning streak.

The Dow is still higher by 0.5% for the month, while the S&P is still up 2.3%, and NASDAQ is still marching along 4.7%.

JPMorgan, Bank of America and Wells Fargo fell as the 10-year U.S. Treasury yield slid to its lowest level since September. Shares of regional banks like Zions and Fifth Third posted bigger losses.

Elsewhere, Microsoft announced plans to lay off about 10,000 employees, which hurt investor sentiment. The stock fell, contributing to the Dow’s decline.

In economic data, investors digested the latest retail sales numbers, which showed a drop of 1.1% in December, slightly more than the 1% forecast. The report suggested consumers are slowing their spending, with department stores reporting a 6.6% decline and online sales dropping 1.1%.

Investors also weighed the latest reading on the producer price index, which measures input costs from companies. The PPI showed a 0.5% decline for December. Economists surveyed by Dow Jones expected a 0.1% decline.

The moves came after the latest reading on the producer price index, which measures input costs from companies and could be a leading indicator of future inflation, showed a 0.5% decline for December. Economists surveyed by Dow Jones expected a 0.1% decline. That gave relief to investors who have hoped for inflation to retreat and for the Federal Reserve to slow or stop its rate hikes.

Prices for the 10-year Treasury were up sharply, lowering yields to 3.37% from Tuesday’s 3.55%. Treasury prices and yields move in opposite directions.

Oil prices descended 90 cents to $79.28 U.S. a barrel.

Gold prices faded $3.30 to $1,906.60 U.S. an ounce.

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