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U.S. equity markets skidded into the red on Wednesday as traders eyed a gloomy economic forecast and a Congressional primary upset.

Today's Markets

As of 1:20 p.m. ET, the Dow Jones Industrial Average fell 101 points, or 0.6%, to 16844, the S&P 500 dipped 6.7 points, or 0.34%, to 1944 and the Nasdaq Composite slumped 4.9 points, or 0.11%, to 4333.

The Dow and broader S&P 500 have been hovering around record highs for the last several days. However, the move has come on very light volume and only a smattering of news as an impetus for the move. 

Late Tuesday, the World Bank cut its global growth forecast for this year to 2.8% from a January forecast of 3.2%. The lender also warned emerging-market central banks to take measures to lift growth before the Federal Reserve begins hiking short-term interest rates. 

"Growth rates in the developing world remain far too modest to create the kind of jobs we need to improve the lives of the poorest 40 percent," said World Bank Group President Jim Yong Kim. "Clearly, countries need to move faster and invest more in domestic structural reforms to get broad-based economic growth to levels needed to end extreme poverty in our generation."

Congress hasn't taken the spotlight on Wall Street for months, but Michael Block, chief strategist at Rhino Trading Partners, said House Majority Leader Eric Cantor's stunning primary loss to a tea-party backed candidate could have "spooked" some traders. That's because some analysts say the move could further polarize an already deeply divided legislator. It could also affect immigration reform, analysts said. 

Elsewhere, U.S. crude oil futures rose 9 cents, or 0.09%, to $104.44 a barrel. Wholesale New York Harbor gasoline advanced 0.57% to $2.992 a gallon. Gold rose $3.10, or 0.25%, to $1,263 a troy ounce.

 

Follow Adam Samson on Twitter @adamsamson.