Dow Drops 1,160 Points as US Retailers Report Disappointing Quarter

Dow Drops 1,160 Points as US Retailers Report Disappointing Quarter

U.S. stocks fell sharply Wednesday as the Dow Jones and S&P 500 recorded their worst declines since June 2020. The ongoing slump was worsened by disappointing earnings from major retailers like Target and Walmart, which said they’d been hit hard by high fuel costs, supply chain issues and sluggish sales. Target saw shares plunge 25% in the company’s worst day since Black Monday in 1987. Dollar Tree, Dollar General and Costco Wholesale also suffered their worst single-day declines in years. Meanwhile, investors are calling for drastic action from the Federal Reserve, pushing for a three-quarter-point rate hike in June. (Sources: WSJ, NPR, CNN)