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Markets Lose Earnings Bulwark, Plunge 4% as Retailers Buckle

  • Target and Walmart plunge the most since 1987 after reports
  • Retailers’ results cast shadow on outlook for S&P 500 earnings
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Target's Profit Forecast Cut Is 'Transitory': Telsey's Feldman
Updated on

The consumer stalwarts that thrived throughout the pandemic-era bull market have finally buckled. 

Target Corp. plunged the most since Black Monday in 1987, a day after Walmart Inc. suffered a similar fate, on signs that runaway inflation is hurting the US consumer and eroding profit margins. The selloff wiped out more than 7% from an index of retailers in the S&P 500, while the broader index sank 4% and back closer to a bear market.