Stocks were brought under pressure on Wednesday from weak March economic data and mixed earnings from major investment banks: Bank of America (BAC  ), Citigroup (C  ) and Goldman Sachs (GS  ). For March, retail sales dropped to a record 8.7%, which is the largest drop on record, according to the U.S. Commerce Department. In addition, manufacturing data from the New York area had decline to levels below those seen during the Great Recession. Market participants saw this data as signs that the economy is headed towards a severe recession, thus pulling money out of the stock market.

Here's how the market settled for midweek:

S&P 500 Index (SPY  ): -2.20% or -62.70 points to 2,783.36

Dow Jones Industrial Average (DIA  ): -1.86% or -445.41 points to 23,504.35

Nasdaq Composite Index (QQQ  ): -1.44% or -122.56 points to 8,393.18

In Major Stock News, J.C. Penny (JCP  ) shares fell after a Reuters report found that the department store chain is exploring a bankruptcy filing due to the coronavirus store closures. UnitedHealth Group (UNH  ) shares rose above the broader market after the insure posted better-than-expected earnings. Shares of Teladoc Health (TDOC  ) rose after the telemedicine company stated that it expects to see first revenue above prior forecasts.

In Stock Sector News, every sector was negatively affected by Wednesday's sell off as investors prepare for a deeper recession than previously predicted. The negative performance was as follows: Energy -4.67%, Materials -4.51%, Financials -4.37%, Real Estate -3.81%, Utilities -3.36%, Industrials -2.82%, Information Technology -2.19%, Consumer Discretionary -1.57%, Consumer Staples -1.56%, Communication Services -1.05% and Health Care -0.52%.

In Commodity and Currency News, crude oil prices dropped again on Wednesday as demand and oversupply continue to pressure barrel prices. West Texas Intermediate (USO  ) fell -0.25% and Brent Crude (BNO  ) crashed -6.95%, bringing barrel prices between $20-$28 each. Gold (GLD  ) recouped its losses during Wednesday's session, with the metal's price increasing +0.11% to cost about $1,718 per ounce. Finally, the U.S. Dollar (UUP  ) gained strength on Wednesday, with the DXY Index increasing +0.72%.

For Thursday, U.S. weekly jobless claims will be announced. The U.S. unemployment is expected to total another 5 million jobless claims due to the coronavirus. In addition, Morgan Stanley (MS  ) is one of the companies scheduled to report earnings.