Major indexes on the New York stock market opened lower on weakness in bank stocks.
As of 10:30 a.m. on the 14th (local time), on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 245.65 points (0.5%) from the previous session to 48,946.34. The Standard & Poor's (S&P) 500 fell 58.07 points (0.83%) to 6,905.67, and the Nasdaq composite lost 292.10 points (1.23%) to 23,417.78.
On the day, the U.S. retail sales and producer price index (PPI) for November of last year were released. According to the Commerce Department, November retail sales, seasonally adjusted, came to $735.9 billion. That was up 0.6% from the prior month, beating the market consensus for a 0.4% rise. Compared with the 0.1% decline in the October retail sales growth rate, consumer spending showed signs of recovery as the year-end shopping season began.
In the same month, the producer price index rose 0.2% from the previous month. Core PPI, excluding food and energy, was unchanged from the prior month, missing expectations for a 0.2% increase.
With both retail sales and PPI released within the expected range without major surprises, investors shifted their focus to bank stocks that reported earnings.
Wells Fargo fell 5.37% after fourth-quarter revenue came in at $21.29 billion, missing the $21.65 billion market estimate compiled by LSEG.
Bank of America beat expectations on both earnings per share (EPS) and revenue, but the stock fell more than 4%.
Concerns raised during the previous day's JPMorgan earnings release that U.S. President Donald Trump's push for a cap on credit card interest rates could hurt profitability in the financial sector also appeared to weigh on investor sentiment.
By sector, technology, communications, and financials were weak, while energy and utilities rose.
Among individual names, online travel platform Trip.com plunged more than 6% after China's State Administration for Market Regulation (SAMR) said it had launched a probe into alleged monopolistic practices.
Netflix fell more than 1% on news it is considering an all-cash acquisition of Warner Bros. Discovery studio and HBO Max valued at $72 billion.
Biopharmaceutical company TG Therapeutics jumped nearly 8% after raising its annual revenue outlook on strong sales of its multiple sclerosis treatment "Briumvi."
European stocks were mixed without a clear direction. The Euro Stoxx 50 fell 0.21% to 6,017.22, the U.K.'s FTSE 100 dropped 0.29%, and Germany's DAX and France's CAC 40 lost 0.35% and 0.07%, respectively.
Global oil prices rose. At the same time, West Texas Intermediate (WTI) for February 2026 delivery was up 0.78% from the previous session at $61.63 per barrel.