U.S. equities sank on Wednesday after various data showed the COVID-19 pandemic has hurt the world's largest economy.

The Dow Jones Industrial Average fell 445.41 points, or 1.86 percent, to close at 23,504.35. The SP 500 was down 62.70 points, or 2.20 percent, to 2,783.36. The Nasdaq Composite Index decreased 122.56 points, or 1.44 percent, to 8,393.18.

U.S. retail sales plunged in March by the most on record as the COVID-19 pandemic is starting to take a big toll on the U.S. economy.

U.S. retail and food services sales were 483.1 billion U.S. dollars in March, a decline of 8.7 percent from the previous month, according to a preliminary report from the Commerce Department released Wednesday.

The Empire State manufacturing index, a key metric to gauge business activity growth in New York state, plummeted to -78.2 in April, its lowest level on record, the Federal Reserve Bank of New York reported.

Meanwhile, a slew of bank earnings also fueled concerns of the coronavirus fallout.

Bank of America stock slid 6.5 percent on the back of disappointing earnings.

Shares of JPMorgan Chase dipped 4.9 percent following a 2.7-percent drop in the previous session. The U.S. bank titan said Tuesday that its first-quarter profit plunged nearly 70 percent.

Analysts expect SP 500 earnings growth to decline 10.2 percent in the first quarter year over year, according to data from Refinitiv.

(ASIA PACIFIC DAILY)