Target Corp., whose growth in the pandemic pushed its stock to record heights, on Wednesday became a symbol of inflation's toll on the American economy.
The Minneapolis-based retailer's latest quarterly profit was halved compared to a year ago as it contended with higher costs and changes in shopping habits, news that spooked investors fearing signs of recession.
The company's stock price plunged 25%, its biggest one-day drop since the 1987 market crash, and the news helped start a major sell-off in the broader market. The Dow Jones industrials shed more than 1,100 points, or 3.6%, their biggest one-day drop since June 2020.
