U.S. stocks saw steep selling Wednesday as more retailers revealed the negative impact of inflation amounting to the worst day for stocks since 2020.
The Dow Jones Industrial Average fell over 1,100 points, or 3.6%.
The Nasdaq Composite tumbled nearly 5% and the S&P 500 4%.
|I:DJI||DOW JONES AVERAGES||31880.24||+618.34||+1.98%|
|I:COMP||NASDAQ COMPOSITE INDEX||11535.27459||+180.66||+1.59%|
All 11 of the S&P’s biggest sectors fell with consumer discretionary and staple stocks leading the declines, while utilities fell the least.
|XLY||CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF||141.46||+1.05||+0.75%|
|XLP||CONSUMER STAPLES SELECT SECTOR SPDR ETF||72.16||+1.46||+2.07%|
|VPU||VANGUARD WORLD FDS VANGUARD UTILITIES ETF||157.92||+1.82||+1.17%|
Target shares tanked after disclosing rising costs will hurt profitability for the remainder of the year. This follows Walmart’s lower-than-expected profit report Tuesday that was also blamed on inflation. The Fed will “have to consider moving more aggressively” if inflation that is running at a four-decade high fails to ease after earlier rate hikes, chair Jerome Powell said at a Wall Street Journal conference.
THE BEST PLACES TO LIVE IN THE US IN 2022-2023: A NEW CITY IS CROWNED
Lowe’s reported a 3.8% drop in U.S. store sales due to a late spring selling season.
|LOW||LOWE’S COS. INC.||186.25||+1.56||+0.84%|
|HD||THE HOME DEPOT INC.||286.03||-1.16||-0.40%|
BIDEN ADMIN’S ‘BUREAUCRATIC BUNGLING’ MADE BABY FORMULA SHORTAGE WORSE, CEO WHO RESCUED GM SAYS
In commodities, U.S. oil slipped 2.5% to the $109.25 per barrel level. Gas prices rose to $4.567 per AAA, a fresh record.
HEALTH CARE COSTS FOR RETIRED AMERICANS EXPECTED TO SURGE NEXT YEAR
In cryptocurrencies, Bitcoin fell back below $30,000 following stocks lower.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Associated Press contributed to this report.