US stocks head for worst day since 2020 amid recession fears

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Bad news for a number of major US retailers spooked investors, many of whom were already concerned about spiking inflation.

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The Dow dropped nearly 4% after a series of retailers posted disappointing results, its largest decline since October 2020. Target's quarterly results also badly missed analysts' expectations, sending its share price crashing down to its worst day since 1987.

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