The Dow Jones Industrials came off its lows of the morning, but were still off 311.36 points, or 1%, to 30,461.43.
The S&P 500 stumbled 33.74 points to 3,768.04.
The NASDAQ Composite skidded 86.77 points to 11,160.81.
Earnings results from major banks on Thursday offered further clues into the health of the U.S. economy as recession fears mount.
JPMorgan Chase shares sank 4.2% after the bank added to reserves for bad loans and halted its share buybacks, signaling a more cautious economic outlook.
Morgan Stanley shares dipped 1.3% on the back of a sharp decline in investment banking revenue, while Goldman Sachs, which is set to report earnings Monday, slipped 3.5%. Earnings from big banks continue on Friday with results from Wells Fargo and Citigroup.
All stocks in the Dow fell on the day, led by declines from JPMorgan, Goldman Sachs and Chevron. Energy, materials and financials led the S&P 500’s losses, down 2% each. Tech stocks Meta Platforms, Salesforce, Tesla and Amazon fell more than 1%.
June’s producer price index report, which measures prices paid to producers of goods and services, showed wholesale prices rise 11.3% last month as energy prices jumped and offered further insights into the health of the economy.
Treasury prices declined, raising yields to 2.97% from Wednesday’s 2.91%. Treasury prices and yields move in opposite directions.
Oil prices were in the red $2.53 to $93.77 U.S. a barrel.
Gold prices dropped $25.10 to $1,710.40 U.S. an ounce.
Worry over Rate Hikes Translates into Much Lower Markets