Stocks fell on Wednesday as investors monitored signs of a potential economic slowdown and kept an eye on the bond market.
The Dow Jones Industrials crumbled 269.24 points to close Wednesday at 32,190.90.
The S&P 500 handed back 44.91 points, or 1.1%, to 4,115.77.
The NASDAQ Composite plummeted 88.96 points to 12,086.27.
The U.S.-traded shares of Credit Suisse fell 1% after the bank issued a profit warning for the second quarter, citing tighter monetary policy and the war in Ukraine. Intel dropped more than 5% after management warned of weakening demand for semiconductors at an industry conference.
Meanwhile, the Atlanta Federal Reserve's GDPNow tracker shows a growth rate of just 0.9% for the second quarter, down from 1.3% last week. Mortgage demand hit its lowest level in 22 years last week, according to the Mortgage Bankers Association.
Energy was a bright spot for the market, as the sector closed at its highest level since August 2014. Chinese tech stocks helped boost the Nasdaq, with the U.S.-traded shares of JD.com and Pinduoduo rising about 7.7% and 9.7%, respectively.
Elsewhere, shares of Robinhood fell 3.9% after Securities and Exchange Commission Chair Gary Gensler detailed potential rule changes around trade execution, such as possibly requiring retail orders to be routed into auctions.
Moderna rose nearly 2.2% after its modified COVID-19 booster shot showed a stronger response to new variants.
On the earnings front, Campbell Soup moved higher by about 1.5% after a stronger-than-expected quarterly report.
Treasury prices shed strength, raising yields to 3.02% from Tuesday's 2.98%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.24 to $122.65 U.S. a barrel.
Gold prices brightened $3.30 to $1,855.40 U.S. an ounce.