S&P 500 closes lower after Target’s warning drags on retail stocks, Nasdaq falls 1.5%

(Photo by Joe Kovacs)

(Photo by Joe Kovacs)

(CNBC) — Stocks fell on Wednesday as investors weighed a gloomy holiday quarter update from Target that pressured retail stocks.

The S&P 500 ended the day down 0.83% at 3,958.79, and the Nasdaq Composite shed 1.54% to 11,183.66. The Dow Jones Industrial Average wrestled with the flat line all day, but finished down 39.09 points, or 0.12% at 33,553.83.

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Those moves came after Target reported a decline in sales as families deal with high inflation heading into the biggest shopping season of the year for retailers. The warning weighed on stocks, sending Target down more than 13% for its worst day since May. Macy’s, Nordstrom, Kohl’s and Gap were also down big.

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