Dow loses 1,100+ points as Target sinks
STORY: U.S. stocks sank on Wednesday in the biggest one-day declines since June 2020 for the Dow and S&P 500, after results from Target flashed a warning sign that there would be no immediate relief from surging inflation.
The Dow fell 3.5%, losing more than 1,100 points. The S&P 500 ended 4% lower, while the Nasdaq lost roughly four and three quarters of a percent.
Target's first-quarter profit fell by half and the retail giant warned of a bigger margin hit on rising fuel and freight costs, sending its shares 25% lower in their worst session since the Black Monday crash of 1987.
Liz Miller is president of Summit Place Financial Advisors.
"This bashing of Target in the market today, that is dragging the entire market down, feels like quite an overreaction. And I think it's an overreaction because there are pockets of investors that were surprised and still haven't fully thought about how higher costs run through our economy when inflation is high.”
Fed Chair Jerome Powell vowed on Tuesday that the U.S. central bank will raise rates as high as needed to kill a surge in inflation that he said threatened the economy.
On Wednesday, interest-rate sensitive megacap growth stocks added to recent declines, with Apple, Tesla and Amazon losing more than 5, 6 and 7% respectively.
The S&P 500 is now down about 18% so far in 2022 and the Nasdaq has fallen about 27%.
The Wells Fargo Investment Institute on Wednesday said it expects a mild U.S. recession at the end of 2022 and early 2023.
相關影片推薦
- 00940該越跌越買?高勝率ETF投資組合這樣買進擊的荷包73,515 次觀看・1 週前
- 1:35已婚男帶女子住高檔摩鐵 突然猝死妻錯愕|#鏡新聞鏡新聞13,174 次觀看・22 小時前
- 1:28兒媳搶家產 打人 還趕公公出門? 竹北紅布條引熱議東森新聞影音243,777 次觀看・1 天前
- 1:4131歲接家業! 殷琪婚姻兩度觸礁又未婚生子民視影音545,025 次觀看・2 天前
- 2:41日本90年代奇葩真人秀 諧星被迫全裸關房間逾一年 20年後紀錄片回顧創傷歷程Yahoo奇摩(國際通)29,167 次觀看・1 天前
- 1:0672歲李立群曬照慶祝生日 33歲女兒李元元罕見出鏡娛樂星聞12,940 次觀看・20 小時前
- 4:20傅崐萁訪陸帶兩岸紅利 民眾買單國民黨?街訪民眾表態【風向台灣 街訪】風向台灣142,683 次觀看・6 小時前
- 2:16美大學挺巴勒斯坦學運升級 UCLA示威者遭毆、營地被投擲煙火 警方進駐鎮壓Yahoo奇摩(國際通)15,275 次觀看・6 小時前
- 1:44「阿姨 妳拿我的雞腿幹嘛」 抓包婦人偷雞腿TVBS新聞網影音57,954 次觀看・1 天前
- 1:44返台前恐已擬好計畫! 自救會嘆「得償困難」|#鏡新聞鏡新聞1,690 次觀看・23 小時前