Wednesday's early trade: Stocks slide on gloomy data

The S&P 500 recoiled on Wednesday from a four-week high, as dire forecasts for the worst economic downturn since the Great Depression were strengthened by a crash in business activity and dismal first-quarter earnings reports.

The S&P energy sector slumped 7.3% and was on track for its worst day in nearly a month as oil prices sank after reports suggested persistent oversupply and collapsing global demand.

The banking subsector fell 5.8%, as the biggest US lenders set aside billions of dollars to prepare for an expected flood of loan defaults as the coronavirus pandemic all but halted business activity. The flight from risky assets also hit Treasury yields.

Bank of America and Citigroup Inc shed as much as 6.5% as they joined JPMorgan Chase & Co and Wells Fargo & Co in reporting a slump in first-quarter profits.

At 11:45 a.m. ET, the Dow Jones Industrial Average was down 667.62 points, or 2.79%, at 23,282.14, the S&P 500 was down 80.14 points, or 2.82%, at 2,765.92 and Nasdaq Composite was down 167.40 points, or 1.97%, at 8,348.35.