U.S. stocks tumbled Wednesday, with all three major benchmarks closing sharply lower as consumer stocks including Target Corp. were battered. The Dow Jones Industrial Average closed 3.6% lower, the S&P 500 sank 4% and the technology-heavy Nasdaq Composite dropped 4.7%, according to preliminary FactSet data. Shares of Target tanked after reporting a big earnings miss, closing almost 25% lower. All 11 sectors of the S&P 500 fell Wednesday, with consumer discretionary and consumer staples taking the biggest hit, FactSet data show. The S&P 500 booked its largest daily decline since June 2020, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
