The Dow Jones Industrial Average tumbled 1,000 points as of midday Wednesday amid fears of inflation and a looming recession.
Target’s shares dropped after it revealed that inflation-caused higher costs will hurt the retailer’s profitability for the rest of the year. A day before that, Walmart issued a similar profit report that it also blamed on inflation.
Retailers on Wednesday saw some of the most significant losses: Target dropped more than 27 percent, Walmart dropped 7 percent, Dollar Tree fell some 16 percent, Dollar General shares dropped more than 11 percent, Amazon dropped nearly 7 percentage points, Best Buy plunged nearly 12 points, Home Depot fell 6 percent, Kroger fell 6 percent, and Lowe’s dropped about 6 points as well….