Stocks on Wednesday had their steepest losses in over two years, following disappointing earnings from U.S. retail behemoths Target, Walmart and Lowe's.The Dow Jones Industrial Average fell 1,164 points, representing a 3.57% decline. The Nasdaq was off 4.73% and the S&P 500 shed 4.04%.
It's the fourth time in 2022 that the Dow has fallen by more than 900 points, something that never happened in 2021.The Nasdaq is now down nearly 28% for the year, while the S&P 500 is off 18.2%."The Charlie Brown shirt market continues, with big moves up and down seemingly every day." —Retail results caused investors to worry that corporate America's inflation-defying act may be in jeopardy, even if it isn't showing up in consumer data.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan Upgrades China's Tech Sector, Says It's Time to Buy These StocksJPMorgan has upgraded Chinese tech stocks on the back of diminished risks, just two months after calling the sector “uninvestable.”
Source: NBCDFW - 🏆 288. / 63 Read more »
Stocks end mostly lower, extending losing streak for S&P 500Stocks closed a wobbly day of trading mostly lower on Wall Street on Monday, extending a losing streak for markets.
Source: latimes - 🏆 11. / 82 Read more »
Stocks fall sharply as Target's woes renew inflation fearsNEW YORK (AP) — The Dow Jones Industrial Average sank more than 1,100 points and the S&P 500 had its biggest drop in nearly two years Wednesday, as big earnings misses by Target and other major retailers stoked investors' fears that surging inflation could cut deeply into corporate profits. I was telling my wife a joke about inflation, but she didn't get it. It really fell flat. If you have to spend all you money on gasoline, other purchases will be cut back. Companies doing deliberately inflation to profit
Source: AP - 🏆 728. / 51 Read more »
Nasdaq, S&P 500 drop 3% as growth stocks rally wanesThe Nasdaq and the S&P 500 dropped 3% on Wednesday as a rally in growth shares faded amid economic growth concerns, while Target plunged to the bottom of the S&P 500 after the retailer became the latest victim of surging prices.
Source: Reuters - 🏆 2. / 97 Read more »
Inflation and rising interest rates driving investors away from stocks and into cashThe combination of soaring inflation and monetary policy tightening by the Federal Reserve is leading investors into cash as the stock market continues to decline and fears of a recession grow.
Source: dcexaminer - 🏆 6. / 94 Read more »
Morgan Stanley names 5 cheap global stocks — and gives all at least 20% upsideMorgan Stanley analysts have shared their top global stock picks in a choppy market. At least. The manager of CPODX should be fired 🚨 Bag holder alert 🚨
Source: CNBC - 🏆 12. / 72 Read more »