Wall Street’s strong start to the year lost momentum Wednesday as major stock indexes slid, Treasury yields moved on mixed economic reports, and oil prices fell after President Donald Trump said Venezuela would provide crude to the United States.

The S&P 500 slipped 0.3% from its latest all-time high for its first loss in four days. The Dow Jones Industrial Average dropped 466 points, or 0.9%, from its own record set the day before, while the Nasdaq composite rose 0.2%.

Some of the sharpest declines came in industries Trump had targeted with criticism on his social media network. Homebuilders fell after Trump suggested moves to prevent large institutional investors from buying single-family homes, in hopes of making it more affordable for people to buy houses.

D.R. Horton fell 3.6% and PulteGroup dropped 3.2%. Blackstone briefly fell more than 9% before paring its loss to 5.6%.

In entertainment-related stocks, Warner Bros. Discovery rose 0.4% after it again rejected a buyout bid from Paramount and told its shareholders to stick with a rival offer from Netflix. Paramount Skydance fell 1%, while Netflix added 0.1%.

All told, the S&P 500 fell 23.89 points to 6,920.93. The Dow dropped 466.00 points to 48,996.08, and the Nasdaq composite rose 37.10 points to 23,584.27. AP business correspondent Seth Sutel reported that a market rally skidded to a stop.

In the oil market, crude prices fell after Trump said Venezuela would provide 30 million to 50 million barrels of oil to the United States. A barrel of benchmark U.S. crude dropped 2% to $55.99, while Brent crude fell 1.2% to settle at $59.96 per barrel.

The report said any additional oil flowing from Venezuela would likely push down crude prices by increasing supplies. It also noted that oil prices had swung this week following Trump’s weekend ouster of the president of Venezuela, a move expected to sit on large petroleum deposits, while adding that producing much more would probably require big investments to improve aging infrastructure. Oil prices had already fallen back to where they were in 2021 before Trump’s move against Venezuela, the report said.

Treasury yields swung after mixed reports on the U.S. economy. One report said growth for U.S. retailers, finance companies and other businesses in the services sector accelerated by more last month than economists expected, and the Institute for Supply Management said a measure of inflation eased to its lowest level since March.

The ISM also included comments from a business executive that the report characterized as: “In general, business is flat.” The executive also said, “Value brands are still experiencing higher demand,” and that “But premium brands struggle to maintain market share.”

Investors looked to Friday’s scheduled release of a more comprehensive job-market report from the U.S. Labor Department after separate reports Thursday offered a mixed view. One report said employers cut back on the number of job openings they were advertising, while another suggested employers outside the government added 41,000 more jobs last month than they cut.

In rates, the yield on the 10-year Treasury fell to 4.14% from 4.18% late Tuesday, while the two-year yield held at 3.47%. The hope on Wall Street was that the economy could remain solid enough to avoid a recession without being strong enough to keep the Federal Reserve from cutting interest rates, especially as traders weighed expectations shaped by the Fed’s recent cuts.

Traders were betting on a less than 12% chance that the Fed will cut interest rates at its next meeting later this month, down slightly from the day before, according to data from CME Group. The report said the Fed cut its main interest rate three times last year to shore up the slowing job market but indicated fewer cuts may be ahead because inflation has stubbornly remained above the Fed’s 2% target.

Across global markets, indexes were mixed, with declines of 0.7% in London, 0.9% in Hong Kong and 1.1% in Tokyo, and a gain of 0.6% in Seoul.