"Retail Sales Surge Triggers Rate Worries, Stocks Slide on Wall Street"

Wall Street's main stock indexes closed lower as stronger-than-expected retail sales data raised concerns about higher interest rates. U.S. big banks also dropped on a report that Fitch could downgrade some lenders. The S&P 500 closed below its 50-day moving average for the first time since March. The U.S. Treasury yield curve has been inverted for over a year, pressuring bank profits. All major S&P 500 sectors declined, with energy stocks leading losses. Technology stocks fared slightly better, with Nvidia gaining after UBS and Wells Fargo raised their price targets.