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The Dow Jones Industrial Average fell Friday as investors assessed a weak retail sales report, as well as stronger-than-expected corporate earnings.

The 30-stock Dow dropped 171 points, or 0.5%. The S&P 500 fell 0.3%, and the Nasdaq Composite slid 0.5%.

Those moves follow weaker-than-expected advanced retail sales data that showed consumer spending fell twice as much as expected in March. Retail sales declined by 1% last month, more than the 0.5% fall expected by economists polled by Dow Jones, as consumers dealt with growing recession fears.

“Retail sales came in weaker than expected, but a lot of the miss had to do with lower gas prices, which all things being equal is a slight positive for spending,” wrote Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.

“Inflation has been coming down as gas prices have been coming down, but that can reverse in an instant, which would drive the headline numbers higher. What is more concerning is that core (which excludes food and gas prices) has been stubbornly high – and where we believe the risks to higher-rates-for-longer lie,” Zaccarelli added.

The disappointing retail sales day offset excitement around strong corporate earnings. JPMorgan Chase reported record revenue that beat analyst expectations, with the stock rising more than 7%. Wells Fargo shares were flat after reporting growing profits. These were the first bank earnings since the collapse of Silicon Valley Bank and Signature Bank last month.

UnitedHealth, which has the biggest weighting in the Dow, fell 2% even after the firm posted better-than-expected results.

Elsewhere, Boeing fell 6% after the aircraft maker warned of delivery delays for some of its 737 Max planes.

Expectations for this earnings season are downbeat. Analysts polled by Refinitiv expect S&P 500 earnings fell more than 5% in the first quarter. That forecast comes as companies deal with persistent inflation and higher rates.

“The bar has never been set lower,” said Art Hogan, chief market strategist at B. Riley Financial. “My guess is with consensus expectations for the S&P 500 to show earnings that are down some 5%, that may well be overstating what we actually find out.” 

“I think that what’s going to be super important is the kind of guidance we get, and how confident that corporations will be in guiding for the next three quarters in the face of what likely will be a slower economy.”

Meanwhile, there are signs that inflationary pressures may be easing. The March producer price index, a measure of prices paid by companies, declined 0.5% from the prior month, even as economists polled by Dow Jones expected prices to stay the same. Excluding food and energy, the index shed 0.1% from the prior month, while economists estimated a 0.2% month-to-month increase.

The PPI, which is considered a leading indicator of consumer inflation, bolstered a trend of easing inflation seen in the March consumer price index report released Wednesday. Consumer prices grew 5% on an annual basis, which was the smallest year-over-year increase in nearly two years.