NEW YORK (TheStreet) -- Stock futures extended losses on Wednesday after retail sales in December dropped at a faster-than-expected pace.

S&P 500 futures slid 0.8%, Dow Jones Industrial Average futures fell 0.8%, and Nasdaq futures tumbled 0.7%.

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Retail sales last month dropped at a faster pace than expected, reflecting the continued drop in gas prices. Headline sales dropped 0.9%, far deeper than expectations for a 0.1% drop. Core sales, excluding volatile items such as gas and automobiles, dropped 0.3%. Forecasts were for an increase of 0.5%.

The World Bank slashed its two-year forecast for the global economy, expecting 3% growth over 2015 and 3.3% in 2016. Previous forecasts had put growth at 3.4% this year and 3.5% in 2016.

Commodity prices were tumbling on the World Bank's warning with copper futures down more than 5% and silver falling 2.8%. Though crude oil was off six-year lows hit on Tuesday, West Texas Intermediate remained under pressure, trading at under $46 a barrel.

The eurozone moved one step closer to monetary easing policies after the European Court of Justice affirmed the legality of government bond purchases by the European Central Bank. The ECB is expected to outline stimulus plans at their next meeting on Jan. 22.

JPMorgan (JPM) - Get Report shares were down more than 1% in premarket trading after profit was hit by a $990 million legal charge in the fourth quarter. The bank has been racked up legal costs of nearly $1 billion as the government investigated alleged wrongdoing in the wake of the 2008 financial crisis.

WellsFargo (WFC) - Get Reportshares were unchanged after fourth-quarter earnings of $1.02 a share met analysts' expectations.

CSX (CSX) - Get Report gained 0.6% in premarket trading after the railroad company reported its highest all-time revenue of $12.7 billion over 2014. Quarterly revenue jumped 5.6%.

GoPro (GPRO) - Get Report shares bounced back 1.4% after plummeting 12% on Tuesday. The camera maker was hit hard after Apple (AAPL) - Get Report was granted a patent to develop a remote-controlled sports camera.

The Federal Reserve will release the Beige Book at 2 p.m. EST. The release provides anecdotal insight into the economic health of the 12 Fed districts.

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--Written by Keris Alison Lahiff in New York.