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Nasdaq, S&P 500 drop 3% as growth stocks rally wanes

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The 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.

"A portion of the market is definitely focusing on a potential growth slowdown," said Zachary Hill, head of portfolio management at Horizon Investments.

The S&P 500 is down 16.8% so far in 2022 and the Nasdaq has fallen more than 26%, hit by growth stocks.

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