Your current location is:{Current column} >>Text
Stock Market Today: Dow in Biggest Slump Since 2020 on Turmoil in Target, Tech By
{Current column}5People have watched
Introduction© Reuters By Yasin EbrahimFxgecko.com -- The Dow slumped Wednesday, as a selloff in tech and a ...

By Yasin Ebrahim
Fxgecko.com -- The Dow slumped Wednesday, as a selloff in tech and a plunge in Target's following weaker-than-expected quarterly results triggered a selloff in retailers that pushed stocks to their biggest one-day loss since 2020.
The Dow Jones Industrial Average slipped 3.6%, or 1,162 points, its biggest one-day loss since 2020. The S&P 500 fell 3.9%, and Nasdaq fell 4.7%, down more than 26% on the year.
Target Corporation (NYSE:TGT) fell more than 24% after reporting first-quarter earnings that fell well short of estimates, and cutting its guidance on margins, citing ongoing cost pressures.
Lowe’s Companies (NYSE:LOW) also contributed to the gloom, falling 5%, after reporting mixed quarterly results as revenue and comparable-store sales fell short of Wall Street estimates.
The quarterly results sparked a selloff in retailers, with Walmart (NYSE:WMT), Costco Wholesale (NASDAQ:COST) and Dollar Tree (NASDAQ:DLTR) down sharply. TJX Companies (NYSE:TJX) bucked the trend lower, rising more than 7% after the discount retailer’s quarterly profit that topped estimates.
Big tech pared some of their gains from a day earlier, as investors continued to mull the prospect of the Federal Reserve turning more hawkish on monetary policy tightening.
Fed Chairman Powell said on Tuesday the central bank would “keep pushing” interest rates higher until the pace of inflation cools.
Amazon.com (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) led big tech lower, falling more than 7% and 5% respectively.
Treasury yields, meanwhile, struggled to advance, pressured by safe-haven buying as investors remain concerned about slowing growth amid policy tightening from global central banks.
Energy stocks were down more than 3% after oil prices turned negative as sentiment on risk assets and strength in the dollar weighed.
Halliburton Company (NYSE:HAL), Marathon Oil Corporation (NYSE:MRO), and APA Corporation (NASDAQ:APA) were among the biggest sector decliners, with the latter down more than 6%.
On the economic front, housing activity continued to slow in the wake of rising mortgage rates.
Housing starts, a gauge of U.S. homebuilding, fell 0.2% in April on the month, to a seasonally adjusted annual rate of 1.724 million.
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!Tags:
Related articles
TSX notches 6
{Current column}By Fergal Smith(Reuters) -Canada's main stock index edged up on Friday to its highest closing level ...
Read moreExness Secures FSCA ODP License
{Current column}In a significant milestone for the financial services industry, Exness, a leading global forex broke ...
Read moreWhat is a Day Trader? What issues should we consider regarding Day Traders?
{Current column}What is a Day Trader?A day trader is an investor who engages in short-term trades within the financi ...
Read more
Popular Articles
- Goldman Sachs profit falls in first quarter as dealmaking sputters By Reuters
- What is an aggressive investor? Role, common strategies, differences.
- What is Behavioral Finance? The seven classic theories of Behavioral Finance.
- RBI shuts down 75 Forex Platforms.
- Dow futures tick higher, CPI in focus By
- Are perpetual contracts and CFDs the same financial product?
Latest articles
-
Recession fears leave stocks drifting toward weekly loss By Reuters
-
What is a FOK Order? Applications and Considerations for FOK Orders
-
What does Berhad mean? What does Berhad represent in Malaysia?
-
Are perpetual contracts and CFDs the same financial product?
-
Gold prices keep record high in sight amid growing economic jitters By
-
What is a speculator? What impact do they have on markets?