Dow’s retailer stocks are a 172-point drag, in wake of Target’s big earnings miss

The Dow Jones Industrial Average’s three retailer components are accounting shaving about 172 points off the Dow’s price in midday trading Wednesday, in the wake of Target Corp.’s disappointing earnings report. Shares of Walmart Inc. shed 6.9% and of Walgreens Boots Alliance fell 6.8% to pace the 28 of 30 Dow components that were losing ground, while Home Depot Inc.’s stock slid 4.7% to be the fourth-worst performer. But since the Dow is a price-weighted index, the Home Depot’s stock was the biggest drag, as it fell $13.98 to reduce the Dow’s price by about 92 points. Walmart’s stock fell $9.11 to shave about 60 points off the Dow, while Walgreens shares shed $3.05 to be a 20-point drag. Meanwhile, the Dow took a 785-point, or 2.4%, dive. The retailer weakness comes as Target’s stock plummeted 24.5%, putting it on track for the biggest one-day selloff in 35 years.

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