Stocks Sell Off On China Weakness; Nvidia, Tesla Fall

A strong retail sales report couldn’t prevent a decline in the Dow Jones Industrial Average and other major indexes on Wednesday. Disappointing economic data from China shook the markets, with Dow Jones stocks slipping 0.2% and the S&P 500 sinking 0.7%. The Nasdaq composite and the small cap Russell 2000 index also experienced significant drops. The Innovation IBD 50 exchange-traded fund plunged 1.8%, while the yield on the benchmark 10-year Treasury note rose to 4.1%. China’s gross domestic product for 2023 grew at its slowest rate since 1976, causing concern among investors.