Wall Street ends sharply lower as Target and growth stocks sink
Hindustan TimesWall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the U.S. economy after the retailer became the latest victim of surging prices. "We think the developing impact on retail spending as inflation outpaces wages for even longer than people might have expected is a principal factor in causing the market sell-off today," said Paul Christopher, head of global market strategy at Wells Fargo Investment Institute. "The cons outweigh the pros for growth stocks at this particular moment, and the market is trying to decide how bad it's going to get," said Liz Young, head of investment strategy at SoFi. Wall Street's recent sell-off has left the S&P 500 trading at around 17 times expected earnings, its lowest PE valuation since the 2020 sell-off caused by the coronavirus pandemic, according to Refinitiv data.