Latest News by Industry
• Shares of Target plunged 24.9% after it reported downbeat earnings
The Dow Jones Industrial Average headed for its largest loss since 2020 on Wednesday.
The Dow Jones Industrial Average lost 1,164.52 points, or 3.57%, to 31,490.07, the average’s biggest decline since June 2020.
The S&P 500 declined 165.17 points, or 4%, to end at 3,923.68, also its worst daily percentage drop since June 11, 2020. The Nasdaq Composite lost 566.37 points, or 4.7%, finishing at 11,418.15, while recording its worst daily percentage drop since May 5.
Wall Street’s worst fall in two years came after signs of price pressures at big-box retailers, that are eating into corporate margins, emerged.
Market movers
Treasury yields rose on Tuesday, with the 10-year rate dropped 8.5 basis points to 2.884%.
Shares of Target Corp. (NYSE: TGT) shares plunged 24.9% after the retailer reported earnings that fell far short of expectations. The retailer also saw lower-than-expected sales for discretionary merchandise like TVs.
Other retailers that lost out after Target’s fall included Amazon (NASDAQ: AMZN) that dropped 7.2%, and Best Buy, which fell 10.5%. Dollar General’s shares fell 11.1%, and Dollar Tree’s declined 14.4%. Shares of Macy’s dropped 10.7%, while shares of Kohl’s fell 11%
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