The Dow Jones Industrial Average lost 236 points, one day after plunging more than 1,100 points, while the S&P 500 inched closer to bear market territory.
The Dow Jones Industrial Average lost 236 points, one day after plunging more than 1,100 points, while the S&P 500 inched closer to bear market territory -- market shorthand for a 20% fall from a recent high.
This week's stunning stock sell-off was triggered by weaker-than-expected profits from retail giants including Target , Walmart and Kohl's . Each company cut its profit outlook for the year and said higher costs for labor and transportation hurt its bottom line. On Walmart's earnings call, CEO Doug McMillon said shoppers are beginning to switch from discretionary purchases to lower-margin items such as groceries and other household staples.
Economists expect those higher gas prices to fan inflation, which is already at a 40-year high thanks to a perfect storm of factors: strong consumer demand, persistent supply chain disruptions, labor shortages, COVID-19-induced lockdowns in China and now the war in Ukraine.
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