Highlights

  • Dow drops more than 1100 points
  • Walmart, Target see big drop as inflation hits revenues

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Markets crash: Inflation, rate hike hits tech and retailers big time

S&P 500 index saw the biggest daily drop in almost two years

Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.

The S&P 500, the benchmark for many index funds, fell 4%. The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.

Also read/watch | Latest stock market scam: This company was selling something that does not exist

Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.

That comes a day after Walmart cited inflation for its own weak results. US Inflation is currently reigning at a 40-year high.

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