Worrying earnings reports from Walmart and Target underscored the pressure on the U.S. economy from high inflation, triggering a stock market crash on Wednesday.
The Dow opened lower by about 200 points and then plummeted. It fell more than 1,200 points in the latter part of the session and closed at the lowest level of the whole day, the largest one-day drop since June 2020.
Technology stocks also fell sharply, with the S&P and Nasdaq adding more than 4%.
The Dow was at 31,490 points, down 1,164 points or 3.57%; the benchmark index was at 3,923 points, down 165 points or 4.04%; the Nasdaq Composite was at 11,418 points, down 566 points or 4.73%.
Target said its first-quarter results fell short of expectations, dragged down by high fuel and labor costs, and its shares plunged 24.93 percent.
Walmart's performance also fell short of expectations, and its stock price fell 6.79%, and a number of retail stocks also fell sharply.
Amazon fell 7.16%, Home Depot fell 5.24%, Best Buy fell 10.51%, and Dollar General fell 11.11%.
Amid the stock market sell-off, major tech stocks were also hit.
Apple fell 5.64%, Microsoft fell 4.55%, Tesla fell 6.8%, NVIDIA fell 6.82%, Alphabet fell 3.93%, and Meta fell 5.12%.
Morgan Stanley warns that the rise in US stocks is only a "bear rebound", the SSI may see 3400 points, a potential decline of more than 15%, the Dow Jones Industrial Average fell 1164 points, and the Nasdaq plunged 4.73%. The panic index fell more than 7%, and the Nasdaq soared nearly 400 points. Energy stocks outperformed technology stocks by more than 9% in the market?
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