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WEKU
WEKU
Business
David Gura

Stocks slump again. This time, it's retailers such as Target spooking investors

Target Walmart Doug McMillon Economy Inflation Supply chain
Traders work on the floor during the opening bell of the New York Stock Exchange in New York City on May 16. Stocks slumped on Wednesday as earnings from major retailers such as Target reinforced concerns about the U.S. economy. (Timothy A. Clary/AFP via Getty Images)

The stock markets dropped again on Wednesday, extending their miserable run this year as earnings from retailers including Target and Walmart reinforced worries about the health of the U.S. economy.

The Dow Jones Industrial Average tumbled 1,164 points — its largest decline since June of 2020, while the S&P 500 fell by 4%. The Nasdaq sank by 4.7%.

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