Target slumps after missing Q1 estimates and slashing full-year guidance
The retailer blamed softer discretionary spending and consumer backlash for the chilly quarter, while warning of higher prices to come.
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Broad-based declines end S&P 500’s winning streak
The S&P 500 and Nasdaq 100 spent the whole day in the red, each closing down 0.4%. So ends the more than weeklong winning streak for the benchmark US stock index. The Russell 2000 finished marginally higher.
It was a classic risk-off day — except bond yields rose. Every S&P 500 sector ETF declined outside of consumer staples, utilities, and healthcare, the defensive pockets of the market. Financials and consumer discretionary were the worst-performing sectors.
Every member of the Magnificent 7 declined besides Tesla, which benefited from a media spree from CEO Elon Musk where he said that sales have “already turned around.” Alphabet was the worst member of the cohort as it hosted a developers’ conference.
Moderna led the day’s S&P 500 gainers, popping 6% after the Food and Drug Administration approved its COVID-19 booster shot for people 65 and older or with high-risk conditions. UnitedHealth, a new hot stock among retail traders, continued its recent bounce-back.
Travel stocks were among the larger decliners, including Norwegian Cruise Line, United Airlines, and Airbnb.
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