S&P 500 had its worst day in more than a month while the Dow Jones Industrial Average closed 600 points lower

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

SPY Chart

The Dow fell 613.89 points, or 1.81%, to 33,296.96. The S&P 500 lost 1.56% to close at 3,928.86, its lowest level since Dec. 15. The Nasdaq Composite slid 1.24% to end the day at 10,957.01, snapping a seven-day win streak.

Futures linked to the Dow Jones Industrial Average decreased by 9 points, or 0.03%. Conversely, S&P 500 and Nasdaq 100 futures slightly increased by 0.03% and 0.05% respectively. This follows a decline in stock prices during regular trading hours. The S&P 500 experienced a 1.56% drop, its worst performance since December 15. The Dow Jones Industrial Average decreased by 1.81%, or 613 points. The Nasdaq Composite, heavily influenced by technology stocks, fell 1.24%, ending a seven-day streak of gains. The decline in bank stocks such as JPMorgan, Bank of America, and Wells Fargo had a negative impact on the overall market.