S&P 500 suffers biggest daily drop since 2020 as stocks end sharply lower, Target pummeled

U.S. stocks tumbled Wednesday, with all three major benchmarks closing sharply lower as consumer stocks including Target Corp. were battered. The Dow Jones Industrial Average closed 3.6% lower, the S&P 500 sank 4% and the technology-heavy Nasdaq Composite dropped 4.7%, according to preliminary FactSet data. Shares of Target tanked after reporting a big earnings miss, closing almost 25% lower. All 11 sectors of the S&P 500 fell Wednesday, with consumer discretionary and consumer staples taking the biggest hit, FactSet data show. The S&P 500 booked its largest daily decline since June 2020, according to Dow Jones Market Data.

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