Dow Drops 1,100 Points for Its Biggest Decline Since 2020 as the Sell-Off This Year on Wall Street Intensifies

Other retailers took a hit on the back of Target's quarterly earnings miss — with the SPDR S&P Retail ETF falling 8.3%. Amazon's stock price dropped 7.2%, and Best Buy's stock price fell 10.5%. Dollar General's fell 11.1%, and Dollar Tree's declined 14.4%. Shares of Macy's dropped 10.7%, while shares of Kohl's fell 11%.as shoppers bought fewer supplies for outdoor projects.

"Any company that relies on households and discretionary purchases will likely suffer this quarter because a lot of discretionary income has been funneled to food and energy prices," said Jack Ablin, founding partner of Cresset Capital. Stocks and other risk assets have been pressured by inflation and the Federal Reserve's attempt to tamp down price increases through rate hikes, which have led to concerns about a potential recession.current downturn is worse than the tech bubble of 2000"The other day, we were down about 19.9% on the S&P 500 and about 27% on the Nasdaq. I would say at a minimum, we are likely to do twice that," Grantham said.

The yield on the benchmark 10-year Treasury note dipped below 2.9% after briefly topping 3% on Wednesday morning as investors huddled back into bonds as a safe haven. The Dow has declined for seven straight weeks, but stocks had stabilized over the previous three trading sessions. Last week, the S&P 500 fell to the brink of a bear market — or 20% below its record high.Also on CNBC

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