The Dow Jones Industrial Average closed down 137.55 points ( 0.83 percent ) at 16,374.55 .
The broad-based S & P 500 fell 12.25 points ( 0.65 percent) to 1872.83 , while the tech -heavy Nasdaq composite index lost 28.92 points ( 0.70 percent ) to 4096.89 position .
The losses came after a barrage of earnings reports from retailers , which largely disappointing . Among companies that fell mainly is Dick 's Sporting Goods down 18.0 percent and Urban Outfitters plunged 8.8 percent .
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Art Hogan , chief market strategist at Wunderlich Securities , also cited comments from Charles Plosser , president of the Federal Reserve Bank of Philadelphia , who said business conditions may encourage the central bank to raise rates "sooner than expected . "
Dow member Home Depot said limiting sales of cold weather in the first quarter even though it raised its full-year profit forecast . Shares of the Dow component rose 1.9 percent .
Staples plunged 12.6 percent after reporting its first -quarter profit of 18 cents per share , three cents below analysts' expectations . Most of the attenuation is due to the closure of stores in North America over the past 12 months that helped push sales 2.8 percent lower than last year's level .
TJX Companies , which owns retail chain TJ Maxx , Marshall , and others , fell 7.6 percent as its first -quarter earnings and revenue missed expectations due to foreign exchange rates are not favorable and disappointing sales .
General Motors announced a recall of 2.4 million vehicles in the U.S. , because the giant car manufacturers continue to address security issues amid scandal withdrawal due to damage to the ignition system .
Recent withdrawals will double the company additional cost to 400 million U.S. dollars , a record for the cost of withdrawal . GM shares sank 3.5 percent .
Dow components , Caterpillar , reported that sales in April fell 13 machines per cent . Bank of America Merrill Lynch assesses the statistics as " disappointing but not entirely surprising " given the weakness in the mining sector . Caterpillar shares fell 3.6 percent .