(ReclaimingAmerica.net) – BREAKING NOW: With a little more than an hour to go in the trading day, the stock market in the United States of America is heading for its biggest single-day loss in years.
As of 2:30 pm Eastern, the Dow Jones Industrial Average is headed for its biggest loss since 2020 after yet another retail giant, Target, issued warnings about rising cost pressures.
In so doing, the rapidly increasing fears held by investors when it comes to rising inflation have ignited and continued one of the worst sell-offs in the markets in years.
The Dow Jones Industrial Average is currently down 1,040 points, or 3.2%. That is the biggest decline for the Dow since October of 2020.
The S&P 500 is trading 3.6% lower, the biggest drop since June of 2020.
The Nasdaq Composite has fallen 4.3%, the largest drop in the tech-heavy index since May 5th.
Selling has been across the board, and volume is high.
Target led the losses and spiked much of the sell-off as its shares plummeted more than 26% after the retailer reported first-quarter earnings that were much lower than Wall Street estimated.
Target warned that higher costs for fuel and compensation are eating into its profits.
THIS IS A BREAKING NEWS REPORT FROM RECLAIMING AMERICA.