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Stocks fall sharply as Target’s woes renew inflation fears

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The S&P 500, the benchmark for many index funds, fell 4%. Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.

The Dow Jones Industrial Average dropped 1,164 points or 3.6% and the tech-heavy Nasdaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.

Retailers had some of the biggest losses. Dollar Tree fell 15.4% and Dollar General slumped 11.8%. Best Buy fell 11.6% and Amazon fell 7%. Bond yields fell as investors shifted money into lower-risk investments. The yield on the 10-year Treasury fell to 2.89% from 2.97% late Tuesday.

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