Stocks Tank After Target & Walmart Earnings Plummet Because of Rising Fuel Costs, Inflation
Stocks tanked Wednesday after major retailers’ earnings reports were down significantly because of inflation, sparking a selling frenzy. Wall Street closed with the largest drop in one day since March 2020.
The Dow Jones Industrial Average drop of nearly 1,200 points was the ninth-largest single-day drop in U.S. history, Seeking Alpha reports.
The stock market began to tank by midday. By noon EST, NASDAQ was down 400 points and the DJIA was down by 800 points. Then the DJIA dropped by roughly 1,100 points after 2pm EST and closed with a near 1,200-point loss.
The market closed with the DJIA down by 3.6%, the S&P 500 down by 4% and the Nasdaq down by 4.7%.
Overall, the DJIA dropped 1,164.52 points, closing at 31,490.07. The S&P 500 dropped 165.17 points, closing at 3,923.68. The Nasdaq dropped 566.37 points, closing at 11,418.15.
Panic set in after major retail corporations like Target and Walmart reported earnings losses. Apple and Microsoft also led big tech losses.