ST Depressions can have a couple of meanings
On their own, they may be a characteristic of an NSTEMI. This is an MI, so ischemia, but not full thickness. This may be seen as well in a stress test when the patient has reversible ischemia.
A place where you can see it where it is even more ominous is in the context of reciprocal depressions. This is often seen in a STEMI. In this case the patient meets STEMI criteria- ST Elevations of 2mm in at least 2 contiguous leads, but they will also have depressions in other leads. This can be helpful to separate STEMI from pericarditis which has diffuse ST Elevations.