The Dow Jones Industrials sagged 39.09 points to finish the day at 33,553.83
The S&P 500 moved lower 32.94 points to 3,958.79
The NASDAQ bumbled 174.75 points, or 1.5%, to 11,183.66.
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 sharply.
A strategist at Cerity Partners said he would recommend buying Cisco Systems ahead of its after-the-bell earnings report.
Cisco has shed 29.8% so far this year as technology has struggled with investors rotating out of growth stocks. The internet company was to have its first-quarter call at 4:30 p.m. EST.
Prices for the 10-year Treasury swooned, raising yields to 3.70% from Tuesday’s 3.98%. Treasury prices and yields move in opposite directions.
Oil prices docked $1.63 to $85.29 U.S. a barrel.
Gold prices added 80 cents to $1,777.60 U.S. an ounce.