NEW YORK (AP) — Stocks are falling sharply on Wall Street Wednesday as dismal results from Target renew fears that inflation is battering U.S. companies.
Target lost more than a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as prices spike for fuel and other essentials.
That comes a day after Walmart cited inflation for its own weak results.
The Dow Jones Industrial Average gave up 1,000 points, or 3.3% and the tech-heavy Nasaq pulled back 4.6%.
The S&P 500, the benchmark for many index funds, fell 3.8%. Treasury yields fell as investors sought safer ground.
