Markets seem to have lost yesterday's confidence, as major indicies sharply contracted today on grim news regarding retail sales and bank profits.

CNBC reported that, as of 10:35 a.m., the Dow Jones had lost more than 600 points, all but eliminating yesterday's sudden 558 point spike.

One reason for this reaction is news that retail sales have suffered major injuries in the wake of the pandemic, plunging by 8.7 percent in March due to so many people losing their jobs. This is the biggest decline since the Commerce Department first began keeping records in 1992. Hardest hit were clothing stores, which saw a 50.5 percent sales decline, furniture stores at 26.8, and restaurants and bars at 26.5. On the other hand, food and beverage stores gained more than ever, 25.6 percent, due to people stocking up on essential goods; health and personal care stores, general merchandise stores, and nonstore retailers also did well.

Banks, meanwhile, have been making dire announcements about their earnings so far. Yesterday, Wells Fargo reported that its first-quarter profits sank by 89 percent, going from $5.86 billion last year to $653 million this year; revenues, similarly, were down 15 percent, according to the Wall Street Journal. Though less embattled than Wells Fargo, JPMorgan Chase also reported a major hit to profits, 69 percent compared with last year, with revenue losses of 3 percent. Things are not much better today. Bank of America saw its profits dip 45 percent, while both Citigroup and Goldman Sachs reported losses of 46 percent despite large trading gains at each.

Meanwhile, manufacturing in New York seems to have nearly frozen solid. The New York Fed's general business conditions index lost 56.7 points, taking it to negative 78.2, the lowest it's been since the Fed first began keeping records in 2001. This index uses a measurement of orders, shipments, employment and the average workweek as a proxy for general economic conditions in the Empire State.

Mass sell-offs have put even venerable companies in the crosshairs for credit downgrades, as ratings agencies increase their doubts that even old reliable firms will be able to pay off their debts, according to Bloomberg. This has caused agencies to move their once-investment-grade debt into the high-yield, or "junk," territory. More than $92 billion of debt fell to high yield from investment grade in March between 11 different companies. This volume is projected to grow by hundreds of billions of dollars, as rating agencies downgrade companies at the fastest pace since 2008.