Target's shares plunged 24.88%, the biggest one-day percentage drop since 1987. On Wednesday, the Nasdaq fall almost 5% while the S&P 500 lost 4%.
"It must be said that the concern for inflation has never gone away since we stepped into 2022, however, while things haven't reached the point of no return, they are seemingly heading in the direction of 'out of control'. That, is probably the most worrying part for the market. Data showed on Wednesday that British inflation surged to its highest annual rate since 1982 as energy bills soared, while Canadian inflation rose to 6.8% last month, largely driven by rising food and shelter prices.
"There may be short-term bounces in equities like the last few days, but the big picture is that the era of low yields are over, and we are transitioning to a higher rates environment," Hafeez told the Reuters Global Markets Forum. "This will pressure all the markets that benefited from low yields - especially equities."
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