Major US indexes all closed sharply lower as worries about the economy and inflation weighed on stocks.
Target reported earnings ahead of the opening, and they turned out to be much weaker than expected as rising costs begin to eat into margins. The stock ended the day down $53.55 or -24.87%. Ouch.
If transportation/employee costs are hurting Target, a company like Amazon must really feel the pinch. Its shares are down -$164 today or -7.12%.
A look at the final numbers shows:
- Dow Industrial Average down -1164.52 points or -3.57% to 31490.06
- S&P index down -165.17 points or 4.04% to 3923.67
- NASDAQ down -566.36 points or -4.73% to 11,418.16
- Russell 2000 down -65.45 points or -3.56% to 1774.84.
None of the Dow 30 stocks closed positive that day:
- Walgreens, -8.39%
- Coca-Cola, -6.95%
- Walmart, -6.84%
- Procter & Gamble, -6.15%
- Nike, -5.7%
Verizon was the best performer at -0.14%
Other big losers of the day include:
- Objective, -24.87%
- Dollar Tree, -14.42%
- Costco, -12.45%
- Soft, -11.93%
- Stoppage of play -8.94%
- DoorDash -8.17%
- AirBNB -8.06%
- Fedex -8.01%
- LYFT, -7.96%
- Snap, -7.42%
- Amazon, -7.16%
Post-closing, Cisco Systems announces earnings and revenue for the current quarter. Earnings per share were $0.87 versus an estimate of 86%. Revenue came in at $12.84 billion, which was lower than the estimate of $13.34 billion. The stock is trading down more than 11% after hours.
“When sorrows come, they come not in isolated spies, but in battalions” – Claudius in Hamlet