Major retailers were swept up in the market plunge on Wednesday that was spurred by fears of a recession, with shares of Walmart (WMT - Get Report) , Kohl's (KSS - Get Report)  and Home Depot (HD - Get Report)  all falling and as Macy's (M - Get Report)  led the way with a double-digit plunge.

Kohl's posted one of the biggest drops in the sector, with shares falling more than 10% to $45.58 as investors dumped shares across the board amid renewed fears of an economic downturn.

The market rout was triggered as the U.S. bond market flashed red with a key recession warning signal. The yield on the 10-year Treasury note fell below that of the two-year rate, a sign that investors are eschewing potential short-term gains as they seek a longer-term safe haven for their money amid fears of a downturn.

While bank stocks led Wednesday's market rout, retailers weren't far behind, with shares of Macy's plummeting more than 16% to $16.21 after reporting notably weak earnings for the second quarter.

Shares of upscale retailer Nordstrom (JWN - Get Report) took a 10.81% hit, falling to $25.97, while Victoria's Secret owner L Brands (LB - Get Report) saw its stock price fizzle as well, dropping 8.89% to $20.66.

J.C. Penney (JCP - Get Report) took a 5% hit, with shares falling to just under 57 cents, while Target (TGT - Get Report) posted a 5% decline as well, to $82.45.

Home renovation and construction retailers like Home Depot and Lowe's (LOW - Get Report)  weren't spared either. Home Depot fell 1.78% to $204.62, while Lowe's sank 2% to $94.64. 

Walmart, the retail sector's 800-pound gorilla, held up relatively better, edging down 0.29% to $107.10 as it prepares to unveil its second-quarter earnings on Thursday.

Kohl's and Home Depot are holdings in Jim Cramer's Action Alerts PLUS member club . Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.