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18.05.2022 17:34:09

Target's stock plunge casts a pall on retail sector

The historic selloff in Target Corp's stock is casting a pall on the retail sector, as shares of 90 of the S&P 500's 92 consumer discretionary and staples companies are trading lower. Target's stock was the weakest of the bunch, tumbling 24.7% toward an 18-month low, as well as the biggest one-day plunge since Black Monday (Oct. 19, 1987), after a hugely disappointing earnings report. The SPDR Consumer Staples Select Sector ETF slumped 4.7%, with all 32 components losing ground, while the SPDR Consumer Discretionary Select Sector ETF , of which Target is a component, also dropped 4.7% with 58 of 60 components falling. Among some of the more sympathetic losers, shares of fellow discount retailers Dollar Tree Inc. tumbled 17.2% and Dollar General Corp. slid 12.2%, while membership-based warehouse retailer Costco Wholesale Corp sank 11.6%. Drug store chain and health care services company Walgreens Boots Alliance Inc.'s stock dropped 6.6%, and was the Dow Jones Industrial Average's biggest decliner. Walmart Inc.'s stock slumped 5.9%, after tumbling 11.4% on Tuesday on the back of disappointing earnings. The two retail gainers were shares of discount retailers TJX Companies Inc. , which rallied 9.1% after an earnings beat, and Ross Stores Inc. , which tacked on 2.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.
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