Retailers and other consumer companies fell sharply amid concerns about an earnings slowdown.
Earlier this week, the Commerce Department said November retail sales fell as inflation took its toll on consumer psychology.
Darden Restaurants said sales rose 9.4% in its latest quarter as diners continue to eat out, but rising costs weighed profit down.
"You're going to see earnings reassessed, and, at the end of the day, earnings drive markets," said JJ Kinahan, chief executive of IG North America, the parent company of options firm tastytrade.
Workers at 100 U.S. Starbucks stores began a three-day strike as part of an effort to unionize workers at one of the country's biggest coffee chains.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-16-22 1658ET
