NEW YORK—Stocks fell in morning trading on Wall Street Wednesday, led by led by steep drops in retailers as Target plunged after issuing a grim quarterly earnings report.
The S&P 500 fell 1.6 percent as of 10:23 a.m. Eastern. The Dow Jones Industrial Average fell 456 points, or 1.4 percent, to 32,197 and the Nasdaq fell 1.6 percent.
Target lost a quarter of its value after reporting earnings that fell far short of analysts’ forecasts, while citing higher costs. The report comes a day after Walmart said its profit took a hit from higher costs. The weak reports stoked concerns that persistently rising inflation is putting a tighter squeeze on a wide range of businesses and could cut deeper into their profits….
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