: Target’s stock falls toward longest losing streak in 23 years

Shares of Target Corp. TGT fell 1.4% in afternoon trading Wednesday, putting them on course for the lowest close since Aug. 11, 2020. The discount retailer’s stock was also headed for a ninth-straight decline, which would be the longest losing streak since the 11-day stretch that ended Feb. 24, 2000, according to Dow Jones Market Data. The current losing streak started a day after it rose 2.6% on May 17, after Target reported a fiscal first-quarter profit that beat expectations but cut its full-year outlook. On May 18, the day the losing streak started, rival Walmart Inc. WMT also beat quarterly profit forecasts, but one-upped Target by raising its full-year outlook. Target’s stock has tumbled 18.0% during its losing streak, while Walmart shares have eased 1.8% over the same stretch. Target shares have now shed 11.4% year to date, while , Walmart’s stock has gained 3.6%, the Consumer Staples Select Sector SPDR exchange-traded fund XLP has slipped 2.2% and the S&P 500 SPX has advanced 9.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.