Dow sheds 1,164 points in worst day since 2020

Target says inflation will hurt profitability for the rest of the year

U.S. stocks saw steep selling Wednesday as more retailers revealed the negative impact of inflation amounting to the worst day for stocks since 2020.

The Dow Jones Industrial Average fell over 1,100 points, or 3.6%. 

DJIA

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 The Nasdaq Composite tumbled nearly 5% and the S&P 500 4%.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30854.61 -113.21 -0.37%
SP500 S&P 500 3817.98 -13.41 -0.35%
I:COMP NASDAQ COMPOSITE INDEX 11277.602597 -44.63 -0.39%

S&P 500

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All 11 of the S&P's biggest sectors fell with consumer discretionary and staple stocks leading the declines, while utilities fell the least. 

Ticker Security Last Change Change %
XLY CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF 143.14 +3.13 +2.24%
XLP CONSUMER STAPLES SELECT SECTOR SPDR ETF 72.77 -0.45 -0.61%
VPU VANGUARD WORLD FDS VANGUARD UTILITIES ETF 150.81 -5.41 -3.46%

Target shares tanked after disclosing rising costs will hurt profitability for the remainder of the year. This follows Walmart's lower-than-expected profit report Tuesday that was also blamed on inflation. The Fed will "have to consider moving more aggressively" if inflation that is running at a four-decade high fails to ease after earlier rate hikes, chair Jerome Powell said at a Wall Street Journal conference.

Ticker Security Last Change Change %
TGT TARGET CORP. 145.71 +3.33 +2.34%
WMT WALMART INC. 124.25 +1.62 +1.32%

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Lowe's reported a 3.8% drop in U.S. store sales due to a late spring selling season.

Ticker Security Last Change Change %
LOW LOWE'S COS. INC. 179.88 +2.52 +1.42%
HD THE HOME DEPOT INC. 283.73 +4.65 +1.67%

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U.S. stocks were choppy early Wednesday morning, turning lower hours before the opening bell. (Courtney Crow/New York Stock Exchange via AP / Associated Press)

In commodities, U.S. oil slipped 2.5% to the $109.25 per barrel level. Gas prices rose to $4.567 per AAA, a fresh record. 

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In cryptocurrencies, Bitcoin fell back below $30,000 following stocks lower. 

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The Associated Press contributed to this report.